Forward guidance Initially expressed in qualitative terms, the ECB’s rate guidance has evolved over time, with the current formulation made explicitly conditional on a set of criteria regarding the inflation outlook. The cross-country experience with forward guidance indicates that its effectiveness can differ considerably depending on the type of conditionality attached to the policy rate path.
While government issuances continue to represent the bulk of outstanding debt securities, corporate bond issuances have grown significantly, constantly rising by 14.5 percent from 2018 to 2019.