The necessity for policy innovation to boost the effectiveness of monetary policy, both in terms of policy objectives and measures, may increase; it will certainly not diminish.20 My analysis is based on history and past trends. Should these trends change significantly, my conclusions will also change. We cannot rule out the possibility that such major changes will occur in the future.
This is necessary in order to maintain and further strengthen confidence in the policy framework of the euro area and to establish fiscal positions in all countries that allow automatic stabilisers to operate efficiently without endangering sound fiscal positions in the longer term.