Isabel Schnabel, Member of the Executive Board of the European Central Bank (ECB), cited ECB staff projections from September 2026 at the second BMWE European Competitiveness Workshop, stating that under a benign scenario, HICP inflation in the euro area is expected to return to around 2% by 2027. The projections also provided inflation outlooks for adverse and severe scenarios, indicating that inflation could reach highs of 4-5% in 2026.