Seen through this lens, it is easily understandable that most central banks have been keen to stress that they will take their decisions on standard measures independently of their decisions on non-standard measures.
For example, the ECB and other central banks have indicated clearly that interest rate increases could perfectly well take place independently of the phasing out of the non-standard measures if those non-standard measures continue to be fully justified by the situation. Equally, the total phasing out of the non-standard measures would not mechanistically be associated with interest rate increases. IV.