This is the sort of behaviour of interest rates that has been observed in Australia over the past decade. A stable rate of inflation, a stable average growth rate, a stable average short-term interest rate whether measured in nominal or real terms, but some variation in actual interest rates as monetary policy responds to alternating periods of inflationary or disinflationary pressures.
BIS central bankers’ speeches  5  [SLIDE 28] Transparency, accountability and efficiency: Accounts of the monetary policy meetings A high degree of transparency is an important tool for an independent central bank like the ECB, as it facilitates accountability. We are accountable to achieve our mandate, price stability.