Today, this set-up is codified in the ESM Treaty and in the two-pack, which was jointly adopted by this house and by the Council.
Conclusion Japan’s experience of battling with mild but extremely persistent deflation provides a valuable case study both for academic research on unconventional monetary policy and for the practical conduct of monetary policy by central banks. By making use of this experience, we have made significant progress over the past decade and a half in academic research and the actual conduct of monetary policy.