The first was the fact that the credit easing package we decided in June-October 2014 had delivered less stimulus and thus less support to inflation than initially expected. And the second was the fact that, in parallel and independent of the monetary policy stance, the inflation outlook for the euro area had further deteriorated towards the end of the year.
In 2016, the BSP adopted the interest rate corridor (IRC) system to further enhance monetary 1/4  BIS central bankers' speeches  policy effectiveness. The IRC system guides short-term market rates towards the BSP policy interest rate, enhancing the link between the BSP’s monetary policy stance and financial markets. This impacts the real economy.