Yet the nonstandard measures of recent years, in particular, have come with a different cost-beneﬁt ratio. In my opinion, we should deploy the instruments in keeping with a clear hierarchy. I have already reported on the success of our forward guidance.
If our key interest rates are already very low, we should initially consider such communication, say, before upping the ante. [19] As you know, I have been critical, in particular, of the large-scale purchases of government bonds in the euro area. In my opinion, they should be used only in emergencies, as they risk blurring the boundary between monetary policy and ﬁscal policy.