And it has very likely prevented the disinflationary pressures of 2014 from spiralling into a self-reinforcing deflationary vortex (see Chart 6). We cannot yet declare “mission accomplished” on the inflation front, but we have made substantial progress on the path towards a sustained adjustment in inflation.
Sources: Bloomberg, Reuters, ECB calculations.12  9 / 22  BIS central bankers' speeches  The emergence of macroeconomic imbalances Monetary policy has been very successful in supporting domestic demand and inflation, but it cannot address the structural problems that were at the root of the crisis.