2/11  BIS - Central bankers' speeches  The turning point in the monetary policy stance that started in December 2021 was indispensable. The Governing Council had responded to both the deflationary pressures stemming from the global financial crisis and the euro-area sovereign debt crisis and to the risks arising from the pandemic by adopting extraordinarily expansionary measures.
One way to approach this issue is to investigate whether market participants appear to believe that this change is temporary or likely to last by examining measures of expected inflation.