We cannot know what lies in store for monetary policy once non-standard measures have been cut back. However, our monetary union should rest on sound principles that will guide us on our way forward. For me, a monetary policy framework that achieves effectiveness in reaching our primary mandate and that, at the same time, leaves enough room for market activities is the most desirable.
Short-term real interest rates are still very low, in some cases even negative. In other words, monetary policy is not yet dampening inflation, but is still driving it. Further steps along the path to monetary policy normalisation need to be taken, then. How large the individual interest rate steps will be and how far we raise interest rates will be dependent on the data.