The ECB resumed a cut in the interest rate on the main refinancing operations in November 2011 from 1.5 percent to 1.25 percent, and has steadily lowered the interest rate since then. Most recently, the interest rate was lowered further from 0.5 percent to 0.25 percent in November 2013. The BOE has maintained Bank Rate at 0.5 percent since March 2009.
Meanwhile, the BOJ lowered the uncollateralized overnight call rate from around 0.1 percent to around 0–0.1 percent in October 2010. It then shifted to monetary base targeting in April 2013. BIS central bankers’ speeches  5  incoming information broadly supports the expectation for ongoing improvement in labor market conditions and for inflation moving back toward its longer-run objective of 2 percent.