Guided by its forward-looking framework, the Bank began cutting interest rates sooner – and has cut deeper – than most other central banks. With the usual lag, these moves will have a powerful impact on economic activity and inflation. Nonetheless, some are questioning, with rates already so low and global credit markets strained, whether the Bank's moves can still have an effect.
As an integrated central bank and regulator at the heart of the EU, we play an active role in the European Systemic Risk Board, the Single Supervisory Mechanism as well as the European Supervisory Authorities, and in global fora such as International Organisation of Securities Commissions.