In the case of the ECB, the inflation objective is to maintain in the medium‐term a level below, but close to 2%. Should non‐standard monetary policy tools become standard? Let me now turn to the monetary policy toolkit to be employed in order to achieve central bank targets.
More specifically, should the size and composition of the central bank balance‐sheet be now thought as a conventional tool? Should the use of negative short‐term interest rates be exploited more systematically, and possibly facilitated, in reaction to deep recessions?