Let me highlight a few features which I think are particularly relevant – the importance of evidence-based policymaking, of understanding frictions in markets, of linking theory and evidence, and of using case studies. In developing these arguments, I will use examples from financial stability policies, which is one of my main responsibilities at the Bundesbank.
This new series of TLTROs will help preserve favourable bank lending conditions and the smooth transmission of monetary policy. Looking ahead, the Governing Council is determined to act in case of adverse contingencies and also stands ready to adjust all of its instruments, as appropriate, to ensure that inflation continues to move towards the Governing Council’s inflation aim in a sustained manner.