The Bank projects that the year-on-year rate of change in the CPI is likely to increase gradually toward 2 percent, although this will still take time. III. The Bank's Conduct of Monetary Policy Now, I would like to explain the Bank's conduct of monetary policy. The Bank currently adopts the policy framework of "Quantitative and Qualitative Monetary Easing (QQE) with Yield Curve Control."
Yet, while there have been some remarkable improvements, reflected, in particular, in the creation of 15 million new jobs in the euro area since the start of Economic and Monetary Union (EMU) compared to only around three million new jobs in the nine preceding years, in many countries, structural reform efforts have not sufficiently enhanced the flexibility and efficiency of product and labour markets.