Besides, fertility rate is also influenced by how economic change influences the cost and benefits of childbearing. With the advancement of technology and rapid changes of family structure vis-à-vis the opportunity cost of child bearing and rearing, fertility decline follow subsequently and drift downwards until it stabilises at a much lower plane. This is technically Stage III of demographic transition.
However, since the start of the financial crisis the Eurosystem has gradually implemented a large number of expansionary measures which would need to be phased out. Once the Governing Council has determined the appropriate timing and has adjusted its “Forward Guidance” accordingly, the sequencing of monetary policy normalisation and exit from non-standard measures will follow a gradual and prudent approach.