Reflecting the achievements in terms of inflation and public finances, long-term interest rates have also tended to converge downwards and are now more stable. This, combined with the total removal of any exchange rate volatility in the single currency area, has markedly reduced their potentially disturbing impact on individual countries.
In March 2021, the Bank analyzed and assessed the impact of its monetary easing on economic activity and prices, as well as on the functioning of financial intermediation and market functioning. Based on the findings, it took policy actions to conduct further effective and sustainable monetary easing.