The first is the distinction that has to be made clearly between the adoption of these measures and the monetary policy stance, which must be determined on the basis of the price stability objective. This distinction is necessary to avoid “polluting” the overall setting of monetary policy, which could affect the central bank’s credibility and, ultimately, inflation expectations.
The types of non-conventional operation implemented by the ECB allow an amendment to the monetary policy stance, in particular through a change in the interest rates, regardless of the non-conventional operations that are used. In other words, decisions about interest rates can be disconnected from the non-conventional measures.