relating to the key interest rates) or non-standard, have achieved several objectives. •  They have supported demand for goods and services in the euro area.
As the ECB’s President recently stated[4], our models show that half of the recovery in the euro area (as a percentage of GDP) in the past two years is attributable to our monetary policy and half is mainly the result of lower oil prices. •  Our monetary policy has also improved financing conditions and remedied financial fragmentation.