The lower limit to the nominal interest rate is an area of investigation in which research is advanced and, I note in passing, converging to a consensus view.
In the second part of my speech, I shall shine light on the implementation of monetary policy in the euro area and its instruments – or to continue with the image of a hiking tour – the equipment and path that brought us to where we are today. In my third part, I shall look at how things could unfold in the future.