Whether the economic recovery becomes more solid, and how quickly inflation dynamics become more self-sustained, depends not just on the current monetary policy stance, but also on other policies, as I have discussed on several other occasions. Restoring a sense of direction – and therefore confidence – would be the simplest and yet most powerful way to deliver economic stimulus.
1 For further detail, see ECB Economic Bulletin, Issue 6/2016 – Article on “The employment-GDP relationship  since the crisis”. 2 For further detail, see ECB Economic Bulletin, Issue 1/2015 – Box on “Recent developments in the labour force  participation rate in the euro area”. 4/4  BIS central bankers' speeches