(2019), “Heterogeneity and the ECB’s monetary policy”, speech at the Banque de France Symposium & 34th SUERF Colloquium on the occasion of the 20th anniversary of the euro on “The Euro Area: Staying the Course through Uncertainties”, Paris, 29 March.
From a medium-term perspective, the financial stability implications of a low interest rate environment require a deeper assessment of the fundamental forces shaping real interest rates. In the current debate there are varying views.