4  BIS central bankers’ speeches  used so far are rather the means to ensure that standard ECB decisions can be effective at all horizons. There should therefore be no concern that our non-standard measures may produce spillovers on the ECB’s ability to maintain price stability.
Thanks to the possibility to separate standard and non-standard monetary policy actions, our non-standard measures do not restrict in any way our capacity to tighten the monetary policy stance when necessary. This has been clearly demonstrated by the Governing Council’s repeated decisions to change interest rates over the course of this year, while maintaining its non-standard monetary policy measures.