Such reforms, if carried out now, will help to promote favourable economic conditions down the road. 1 See ECB Bank Lending Survey, January 2017, and ECB Survey on the Access to Finance of Enterprises in the  euro area, April 2016 to September 2016.
I base this statement on my view that the stance of monetary policy should be judged not only by the current setting of the federal funds rate but also by the level of rates that are tied directly or indirectly to expectations about the future path of monetary policy, of which the yields on Treasury securities are the leading examples.