In the meantime, the reference rate of the euro against the dollar has picked up distinctly, and for some time past has been moving within a range of 1.03–1.09 (on ... the current level is ...). This upward movement is undoubtedly due to the improved economic outlook and rising interest rates in the eurozone.
In unconventional monetary policy times, measuring the contribution of each instrument to the stance is crucial to ensuring an appropriate composition of the policy toolkit – a challenge that is much less pronounced in conventional times when the decision space focuses on policy-controlled short-term interest rates as the one, dominant, tool to steer the stance.