The speed and extent of the monetary loosening experienced over this period are without precedent since the ECB took responsibility for the conduct of monetary policy in the euro area. This is, of course, a rather short period, just over a decade.
Furthermore, if the low interest rate environment continues and downward pressure on financial institutions' profits becomes prolonged, the functioning of financial intermediation may be undermined. I believe that the Bank will need to review these points at each Monetary Policy Meeting and, as necessary, consider in earnest the most appropriate monetary policy. IV.