This low level of interest rates is of course supportive of the economic recovery in the euro area, while at the same time being consistent with price stability over the medium term. Moreover, interest rates have over time reflected a high degree of “consonance” between the European Central Bank’s policy intentions and the market views concerning the course of policy.
Such a level of predictability of policy, which signals a high degree of transparency, is particularly rewarding, considering that a significant part of our job is devoted to explaining and discussing our actions and our goals to the public.