Moreover, new technologies to preserve existing conventional oil reserves and to stabilize oil prices will emerge in the years ahead. We will begin the transition to the next major sources of energy perhaps before midcentury as production from conventional oil reservoirs, according to central tendency scenarios of the Energy Information Administration, is projected to peak.
For example, the cuts we made in the MRO rate over the period had very heterogeneous effects on funding conditions in different countries. In some countries, retail lending rates declined, but in others they hardly moved or even increased. As a consequence, the singleness of monetary policy in the euro area was no longer guaranteed.