Whether the longer-term growth rate of potential output will also be affected, remains to be seen. In any case, the reliability of output-gap measures as real-time clues to future inflation is weakened.   In the second place, the financial crisis has impacted the effectiveness of monetary policy.
The exceptional liquidity requirements of banks after the dryingup of the money market in the summer of 2007, as well as the severe tensions in some segments of the market for euro-area government bonds, have affected the transmission channels of monetary policy in the euro area.