3 It represents a major contribution to the ongoing cyclical recovery. And the Governing Council  2  See Cœuré, B., “Lamfalussy was right: independence and interdependence in a monetary union”, lecture at the Lamfalussy Lecture Conference, Magyar Nemzeti Bank, Budapest, 2 February 2015. 3  See ECB, “The transmission of the ECB’s recent non-standard monetary policy measures”, Economic Bulletin 7/2015, pp.
32-51, December 2015. 2  BIS central bankers’ speeches  will review and possibly reconsider its stance when it meets in March. But for the recovery to become structural – and thus to increase growth potential and reduce structural unemployment – monetary policy does not suffice.