In this environment, when financing conditions are at a level that incentivises all sectors of the economy to consume and invest, monetary policy can best support the economy by shifting its focus away from instrument activism – that is, from the intensity with which it uses the available array of instruments – and towards the duration of policy support.
By credibly promising to preserve favourable financing conditions for as long as needed central banks underscore their unwavering commitment to the achievement of their mandate and ensure that monetary  policy does not itself become a source of uncertainty, both with respect to its short-term reaction function and the potential vulnerabilities that too negative yield curve constellations could create in the future.