In this context, past experiences - such as the use of the EMU convergence criteria as a means of exerting “peer pressure” - might provide lessons for the successful pursuit of ambitious integration projects in other areas. Allow me now to turn to challenges which lie beyond the borders of a future enlarged European Union.
This distinction became unsustainable when inflation remained stubbornly below the 2% target and interest rates were approaching the effective lower bound. In order to fulfil our price stability mandate, the ECB began using asset purchases also for monetary policy stance reasons, complemented by forward guidance on interest rates.