These savings more than offset the additional gross excess liquidity charge of around € billion that resulted from the September cut of the deposit facility rate by 10 basis points. Concluding remarks Let me conclude.
Confronted by marked adverse developments in inflation dynamics, the ECB’s Governing Council embarked on a fundamental pivot in its policy in 2014 by adopting the package of unconventional monetary policy measures that I have discussed. The first stage of the ECB’s pivot towards unconventional monetary policy measures was successful in restoring enough inflationary pressures to bring inflation back into sustainably positive territory.