An important challenge for the ECB is to manage the exit from the still very accommodative monetary policy stance and the phasing-out of the remaining non-standard measures. The measures adopted by the ECB were crucial to restoring orderly conditions on interbank markets, containing risk premia, and preserving credit flows to the economy in the worst phases of the crisis.
This morning, we also discussed the consequences of not raising interest rates, and allowing high inflation to persist and become entrenched in expectations. If this were to happen, the evil of inflation would be with us for longer and the eventual increase in  2/4  BIS - Central bankers' speeches  interest rates needed to bring it down would be greater.