As bank balance sheet deleveraging progresses, one should expect to see – and we are in fact starting to witness – an improved transmission of our currently loose monetary policy stance, in particular as deposit rates converge to lower levels. And we expect the effect of this improved transmission to become gradually more visible throughout the current year.
BIS central bankers’ speeches  3  The role of monetary policy In this context, last Thursday the Governing Council firmly reiterated its forward guidance to keep key ECB interest rates at present or lower levels for an extended period of time.