But it is equally true to say that the single monetary policy, geared torwards price stability and the anchoring of inflation expectations, lends ongoing support to economic activity. Across the maturity spectrum, interest rates in the euro area are low by historical standards.
Thus, if you will allow me to look at a third time span, it is worth noting that we are in fact delivering today a nominal yield curve at historically low levels, as low as ever observed in Europe since the beginning of the 20th century!1 Allow me now to look briefly at the “real” side of the economy.