The non-bank sector’s role in financing the euro area economy has increased significantly over time. In terms of strengthening European capital markets, this is a welcome development.
This means that we are always working with forecasts of where the economy and inflation will be in two years, and attempting to influence those things in the future. 1/6  BIS central bankers' speeches  A crucial feature of this framework is that we have just one policy instrument: our influence over interest rates.