This is largely because the restructuring of the euro area banking sector remains ongoing. Thus, an essential complement to any monetary policy strategy is a strict implementation of the ongoing Comprehensive Assessment of euro area banks and swift corrective action to bridge identified capital shortfalls. Let me conclude. Unconventional monetary policy tools are less unconventional than the word implies.
The most persuasive argument in its favour is that the results achieved so far have been very good. For example: •  The current economic expansion, which started in the September quarter of 1991, has already lasted longer than its two predecessors and, on current indications, still has a fair way to go.