This is not an issue monetary policy can solve; it depends on reforms that will make our economies more inclusive, flexible and innovative. The long-term interests of savers, in other words, depend on governments implementing the structural reforms that will transform our economies in Europe.
3 This decision is the culmination of discussions that we had over the previous four meetings about our operating framework and reflects our desire to converge to a balance sheet that is no larger than it needs to be to conduct 1/2  BIS central bankers' speeches  monetary policy efficiently and effectively.