Does the ECB consistently overestimate growth? The following graph, regarding official euro area growth projections by ECB staff on 2012 growth since December 2010 seems to confirm that.

Reasons? A bad model of the economy within ECB headquarters? Severe unexpected shocks? Overly restrictive monetary policy driven by fixation with 2% inflation (because indeed inflationary mistakes over 2012 have been lower, see chart below)?  Disinformation to avoid sound keynesian fiscal policies? I leave that up to you.