Unfortunately, notwithstanding these efforts, growth in the developed economies remains anemic, as I noted a few minutes ago. When conducting monetary policy in such an environment, central banks must be aware of three socioeconomic trends.
Firstly, in many developed economies, there are heightened expectations on what central banks could deliver.4 In this regard, one of the most symbolic discussions touched upon the measures that could be unleashed by the ECB in the context of the euro-area financial crisis.