If we manage to put the unconventional tools back into the box when the time comes, we will be able to claim that the ECB successfully achieved its objective. And in my view, this time has come. We need to discuss how to exit from our unconventional monetary policy, and then we need to do it.
This scheme can mitigate the impact on financial institutions' profits to a certain degree at the time of rate cuts depending on the amount of their lending. 6  The applied interest rates, or the incentives, are categorized into three groups. In one category, the rate is the absolute value of the short-term policy interest rate.