But our experiences with new instruments have also been positive. [15] Amongst other things, a Bundesbank study confirms that forward guidance has successfully steered long-term interest rates in the ECB Governing Council’s desired direction over the last few years, thus probably helping to support euro area economic activity. [16]  5 Climate change and central banks Ladies and gentlemen, As part of the strategy review, we will also tackle the question of what role central banks should play when it comes to climate action.
And around the century date change, the Federal Reserve wrote options on repurchase agreements to reassure market participants that adequate liquidity would be available.