Forward guidance was intended to make our measures 2/4  BIS central bankers' speeches  as effective as possible, in particular by ensuring that the impact of asset purchases on term premia was not counteracted by false expectations of interest rate increases.
Over time, our measures have boosted the growth momentum of the euro area economy, thereby supporting a return of inflation towards our inflation aim. The euro area has now enjoyed five consecutive years of growth. This prolonged economic expansion is reflected in the labour market: around 8.4 million more people are employed now than at the bottom of the trough in mid-2013.