The ECB’s monetary policy measures, including the deposit facility rate set at its current negative level, are proving to be effective in lifting inflation towards its medium-term objective and reducing the overall level of risk in the economy. Fiscal and structural policies should act more decisively to support aggregate demand and productivity, thereby preventing the economy from falling into a low interest rate trap.
And banks should adapt continually to the changing environment by adjusting their business models, cutting their operating costs and reducing their non-performing loans. In doing so, they will also improve their resilience to a prolonged period of very low rates. BIS central bankers’ speeches  9