Given that the policy rates were close to their lower bound, in 2015 the Eurosystem launched an asset purchase programme to provide further monetary policy accommodation and fight low inflation; a policy better known as QE. By lowering long-term interest rates, our asset purchases have helped to further loosen financing conditions for households and firms.
Mark Carney has played a leading role in that discussion, in the Financial Stability Board and in the G20. Considerations such as the carbon footprint of our pension and own funds portfolios can be– and often already are – taken into account. The discussion is now increasingly shifting to monetary policy.