The output gap should be closing within the policy horizon; NAIRU at the same time has been revised downwards – for those who love unobservables. But to reap the full benefits of our monetary policy, it needs to be complemented by sound economic and fiscal policies at national and European level.
To the extent that fiscal 1/3  BIS central bankers' speeches  and economic policies did not provide the necessary cyclical support and tackle decisively enough structural drivers of the crisis, the monetary policy reaction is more extended and forceful with the negative consequences as would have been the case in a healthier environment.