3.3 Reconciling effectiveness and efficiency It goes without saying that monetary policy implementation should not ignore relevant changes in its environment but may have to adapt to new economic and financial market conditions, digitalisation, or changes in the regulatory framework.
However, I am not convinced that monetary policy should routinely respond to changes in the environment by intervening in a growing number of market segments. If and how monetary policy should adapt its toolbox can only be assessed after we have progressed on the path of normalisation.