Thanks to our unconventional policy measures, bank lending rates in the largest euro area countries have converged to a degree not seen 11 / 14  BIS central bankers' speeches  before. But the divergence between our key policy rates and market rates could become more important in the future once policy rates begin to normalise.
Let me be clear: this is not a short-term concern. The Governing Council expects our key policy rates to remain at their present levels for an extended period of time, and well past the horizon of our net asset purchases.