In other words, I basically consider that the decline in crude oil prices will bring about positive effects on both economic activity and prices over time, but at the same time, I also consider that attention should be paid to its effects on certain areas of the economy.
Now, after a decade of experiences and new academic research, we definitely know more about unconventional monetary policy tools. For one, all of our measures have contributed to a significant easing of financial conditions, thereby supporting the euro area economy. Yet, inflation has remained below our aim for an extended period of time.