In other words, decisions about interest rates can be separated from the non-conventional measures. I refer to this duality as the “separation principle”. The non-standard measures have to be commensurate with what we are observing on the market, namely to help the transmission of  BIS central bankers’ speeches  3  our monetary policy to function better again.
The standard measures are there to deliver price stability in the medium term. Seen through the lens of the separation principle, I stress that we have been and will take in the future decisions on standard measures independently of our decisions on non-standard measures.