Nonetheless, those threats are real and to cope with them the Governing Council is determined to keep the monetary policy stance accommodative for an extended period of time. Moreover, the Governing Council is unanimous in its commitment to also using unconventional instruments within its mandate, should it become necessary to further address risks of too prolonged a period of low inflation.
We are strongly determined to safeguard the firm anchoring of inflation expectations over the medium to long term. BIS central bankers’ speeches  3  The lesson I draw from the fragmentation we have experienced is that the cohesion of the Union is in the fundamental interest of all of its members.