This low level of interest rates is of course supportive of the economic recovery in the euro area, while at the same time being consistent with price stability over the medium term. Moreover, interest rates have over time reflected a high degree of “consonance” between the European Central Bank’s policy intentions and the market views concerning the course of policy.
5, Research Center International Economics, Vienna. Schreiner, J. et al. (2010) Developments in Selected CESEE Countries. Focus on European Economic Integration No. 4, forthcoming. BIS Review 150/2010  3