You can gather the full range of the monetary policy instruments of the Eurosystem from the figure; unfortunately, I am unable to go into more detail here, for time reasons. In my opinion, the monetary policy strategy and arsenal of instruments of the Eurosystem are convincing and fully in keeping with international standards.
And will further monetary accommodation really facilitate a durable return of inflation back to a level that is below, but close to, 2% over the medium term? To answer these questions we need to acknowledge that monetary policy controls medium-term inflation through two main channels: by influencing cyclical conditions and by pinning down expectations.