As a result, annual consumer price increases in the euro area have been kept around 2 percent over the past 7 years. The ECB has also succeeded in anchoring stable and low inflation expectations, as indicated by consumer surveys and inflation-indexed bonds.
This is a major achievement for a young central bank, in particular considering the shocks the euro area faced such as sharp rises in oil prices. Along with lower inflation, interest rates have fallen dramatically. Globalisation has definitely played a role, but the credibility of the ECB has also contributed to lower interest rate levels.