*** In assessing the success of monetary policy, it should be kept in mind that, for example, in the euro area and in Finland, many of the problems of the real economy are structural and could not be solved by monetary policy, which can only buy time for solving them.
In terms of price stability, monetary policy has not met our expectations in recent months. The inflation rate in the euro area is currently clearly below the ECB’s target rate of close to, but below, 2 percent. The decline of interest rates to their theoretical minimum, or close to it, has raised new questions.