However, greater support from the other economic policies remains essential to sustain growth in the euro area and to avoid the perpetuation of the extraordinarily low level of market yields, which reflects above all insufficient demand for investment compared with the supply of savings. The Governing Council has launched a review of its monetary policy strategy.
As announced, this will be based on a thorough analysis and an open-minded approach. It will have to assess whether there are aspects that require an adjustment, 4  given that, in a context of profound structural change in the world and in the euro area, the challenges connected with the current low inflation levels are different from those historically posed by high inflation.