13 Specifically, on occasions of no change, the Introductory Statement said that “[…] in line with our forward  guidance, we decided to keep the key ECB interest rates unchanged.” 14 Gaballo (2016). 15 See Cœuré (2016).
The speech concluded that the current level of the DFR is “still far away from the physical  lower bound”, triggering cash substitution, and safely above the economic lower bound. 16 See Shin (2013). 17 See also Stein (2014). 18 Blinder (2004). 19 See e.g. Blattner et al. (2008) and Blinder et al. (2008). 10 / 10  BIS central bankers' speeches