Yet, such unconventional measures – asset purchases and negative interest rates, for instance –, while effective, are typically seen to have more side effects, including on financial stability, and they also have limits.
Because of the firm commitment to bring inflation back in line with our inflation aim, I thus believe that the prudent, persistent and patient monetary policy approach followed by the Governing Council so far is fully justified. The different environment that we are operating in since the crisis should make us more wary of past relationships guiding our decisions today and tomorrow.