While this monetary policy move is unprecedented in a historical perspective, it is entirely standard insofar as it relies on the traditional interest rate instrument. From a purely monetary policy point of view, it is entirely consistent to aim at negative rates when the real interest rate has itself turned negative.
Turning to price developments, we have seen a fall in the HICP inflation rate for December to 2.0%. The same rate was estimated by Eurostat for January. In the course of this year, inflation rates should fall below 2% and remain in line with price stability thereafter.