Because the central banks, including the ECB and euro area central banks, do not live in a vacuum, but are reflections of the society at large – independent reflections and actors, I should add.
Moreover, with term premiums at historical lows, further downward pressure on long-term rates from this source is unlikely. We collectively confront many risks beyond those that I have just mentioned. As was tragically evidenced again by the bombings in London earlier this month, terrorism and geopolitical risk have become enduring features of the global landscape.