BIS Review 66/2006  3  A third approach to securing monetary policy credibility consists of the coordination of other economic policies with the aim of maintaining price stability. This especially concerns fiscal ie budget policy. Disciplined fiscal policy, which avoids excessive deficits and borrowing, is not only the hallmark of a good economic policy, but also a prerequisite for a successful monetary policy.
There were several reasons for this, one being the sharp decline in energy prices since the middle of 2014; another, the fact that the euroarea economy is only recovering gradually, with some countries still battling the after-effects of the financial and sovereign debt crisis. That being said, inflation has gone up again recently, largely because oil prices have bounced back.