C. Bean (1998), “Monetary policy under EMU” Oxford Review of Economic Policy 14, pp. 41–53. 4  BIS central bankers’ speeches  be carried out when the economy improves again?8 I therefore remain convinced that delaying the reform process would have been counterproductive. Second, one can exaggerate the effect of the zero lower bound.
The ECB has employed various standard and non-standard measures that have helped to smooth the adjustment process for stressed countries.