So, monetary policymakers and, gradually, legislators came to recognise that the meaningful set of choices that societies face relates to alternative monetary policy regimes, that is a clear specification of the central bank objective and of its strategy in managing economic events.
In the beginning of 2015, we both reduced our monetary-policy rates to -0.75 per cent. With interest rates close to their effective lower bound, central banks have deployed a host of unconventional measures to achieve the desired amount of monetary accommodation.