In plain English, this means that we have to change firms’ and households’ views on prices, which form the basis for their economic activities. In this context, there have been very encouraging changes since the introduction of QQE. The practices that disappeared in the deflationary period have come back.
Of course, not all banks in the Eurozone had managed to fully recover from the previous crisis. Despite the progress made, some banks (especially in the EU periphery) were still struggling to address legacy issues and notably the high stock of non-performing loans. Still, it is safe to conclude that the banking system in the Eurozone emerged safer and stronger from the previous crisis.