- If economic recovery continues smoothly with supply chain…

- If economic recovery continues smoothly with supply chain issues resolving, inflation might settle back to the ECB's target rate of close to 2%, meaning somewhere between 1.5% to 2.5%.

- Should geopolitical tensions escalate (e.g., trade wars, energy supply shocks), or if there are further unexpected disruptions, inflation could be higher, potentially in the 3-4% range.