ECB's Draghi Says Risks Are Still Tilted to Downside

The transcript discusses the ECB's macroeconomic projections, highlighting a downward revision in GDP growth for 2019 and 2020 due to geopolitical uncertainties and protectionism. It covers inflation trends, noting a slight increase in HCOP inflation due to energy and food prices, with future projections indicating stability before a decline. Underlying inflation remains muted, but labor cost pressures are rising. The ECB's projections foresee a gradual increase in inflation supported by monetary policy and economic expansion, though the outlook has been revised down compared to previous estimates.

What are the implications of geopolitical uncertainties and protectionism on the economic outlook?

What is the projected annual HSCP inflation rate for the euro area in 2021?