6 See Powell (2018). 7 See Kiley (2015); Johannsen and Mertens (2016); Holston, Laubach, and Williams (2017); Laubach and Williams (2003) (current estimates available on the Federal Reserve Bank of New York’s website at https://www.newyorkfed.org/medialibrary/media/research/economists/williams/data/Laubach_Williams_cu rrent_estimates.xlsx); Lewis and Vazquez-Grande (2017); and Lubik and Matthes (2015). -4 which is just below 3 percent.
Therefore, the Governing Council can choose the way in which interest-rate action is combined with the unwinding of the non-standard measures. Let me turn to the issue of the exit from expansionary fiscal policies. In my view, an important medium-term risk to sustained recovery revolves around deteriorating fiscal positions.