From this perspective, the complementary nature of our instruments – with forward guidance anchoring the short-to-medium term segment of the curve, and the asset purchase programme acting on the long-term segment – has given our monetary policy strategy an extra edge over the last few years. It has made it more targeted and thus more impactful.
*  *  *  As the economic prospects brighten, higher expected returns on business investment will make borrowing conditions increasingly attractive. This, in and of itself, will reinforce accommodation and make sure that inflation sustainably converges towards our objective of below, but close to, 2% over the medium term. But our mission is not yet accomplished. We need patience and persistence.