Overall, our forward guidance framework has left a clear imprint on the market’s ability to gauge our policy intentions. One potential metric by which to measure the effectiveness of forward guidance on key ECB interest rates is the sensitivity of forward rates to macroeconomic news.
It is certainly 2/4  BIS central bankers' speeches  possible that at the end of the process we will reach the conclusion that the current regime is the correct one and there is no need to change it, but we must challenge that thinking from all sides before reaching that conclusion.