What’s more, the route that we will take remains unclear. But what we know is that the ECB Governing Council is our mountain guide. It alone decides which path to take. In autumn, the ECB Governing Council will re-calibrate the monetary policy instruments beyond 2018. It has been already assured that this will not take place in one fell swoop overnight.
And in any case, the monetary policy stance of the Eurosystem will be – due to the stock effect – accommodative for a long time to come. This should be considered when deciding on future investments. 1 www.policyuncertainty.com/index.html. 4/4  BIS central bankers' speeches