Given those changes, the Federal Open Market Committee (FOMC) is only able to achieve its congressionally mandated objectives of maximum employment and price stability by taking actions that serve to keep the real – that is, net of inflation – interest rate well below its 2007 level.
The opinions expressed are personal and do not reflect the views of the European Central Bank. 2 Both the draft guidance and the stock take can be found here. 3  See for example Beck, Roland, Petr Jakubik and Anamaria Piloiu (2015). Non-performing loans: what matters in addition to the economy cycle. ECB Working Paper Series No 1515. February 2015.