On the one hand, it needs to be accompanied by a healthy fiscal framework: such a framework removes one prime source of instability and – where instability persists nonetheless – it broadens the scope of action open to central banks. This has been a key point for the ECB especially over the last 12 months and will continue to be in 2011.
[8] For further discussion, see my recent speech “Monetary Policy and Below-Target Inflation”, Bank of Finland conference on Monetary Policy and Future of EMU, 2 July. [9] For further discussion, see ECB (2019), “Taking stock of the Eurosystem’s asset purchase programme after the end of net asset purchases”, Economic Bulletin, Issue 2.