In response, we used our communication to “draw a line in the sand”: we had to clarify that we would do “whatever it takes” to deliver on our price stability mandate. This was followed up with further decisions and communication on how concretely, in our view, the necessary “whatever” could materialise at that particular juncture: the Outright Monetary Transactions (OMT) programme.
The decline in inflation risk premia from mid-2014, by contrast, pointed to the increased prominence that market participants assigned to 6/7  BIS central bankers' speeches  lower than expected inflation outcomes around that time.