Equally important, the ECB’s monetary policy has been successful in keeping inflation and inflation expectations under control, even in the face of exceptional uncertainty and a number of substantial, mainly upward, price shocks hitting the euro area economy.
To a large extent, the ECB’s monetary policy has been operating in a context of exceptional economic, financial and geopolitical uncertainty, as was for instance the period following the traumatic terrorist attacks of 9/11 three years ago.