Given the subdued price pressures, it is still appropriate, in principle, for monetary policy to be in accommodative mode. But in light of the ongoing economic recovery and a consensus inflation rate forecast of just under 2 % for 2019, it is certainly legitimate to ask when the ECB Governing Council should set its sights on normalising monetary policy.
2/4  BIS - Central bankers' speeches  My third aspect ties in with the financial risks that climate change and the transition to a climate-neutral economy may cause. These risks have to be made transparent and adequately taken into account on the balance sheets of financial institutions. We demand this as supervisors.3 And we ourselves should be leading by example.