On the other hand, if the slowdown is more severe and leads to lower inflation, leaving expectations broadly anchored, real rates could stabilise at a level close to zero. In closing, my most important takeaway from the current inflation episode is that we know much less about inflation than we thought.
In this vein, an important element of the ECB’s preparatory work to support the ESRB consists of expanding and enhancing macroeconomic and financial  BIS Review 152/2010  3  statistical databases for macro-prudential purposes at the level of the EU.