The ECB currently projects that it will take until 2019 for the inflation rate in the euro area as a whole to return to its target level of below, but close to, 2% on a lasting basis.
Both developed and emerging countries have had to adjust monetary schemes focused on the interest rate as the single instrument to maintain stability. In fact, financial stability objectives were implicitly and explicitly added, and instruments were adjusted to new priorities. Within this framework, many central banks have had to revisit their usual regulation, operation and intervention mechanisms.