2/7  BIS central bankers' speeches  The data suggested, and continue to suggest, that this is the case – a conclusion shared by the central banking community globally, as a recent report from the Bank for International Settlements shows.6 However, as with all evidence-based policymaking, conclusions must be continuously reviewed and updated as necessary.
It was with this in mind that the ECB recently made adjustments to negative rates, introducing tiering for excess reserves. On another occasion, a detailed evidence-based analysis showed that concerns that unconventional policies worsen inequality were unfounded,7 and this strengthened the ECB’s resolve to pursue its policy path. This is not to say that experts – the ECB included – have perfect knowledge.