In the United States, these measures included new forms of forward guidance and a range of balance sheet policies. Broadly across different economies, so-called unconventional monetary policies have generally been successful at lowering interest rates and supporting economic recovery, though cyclical and structural headwinds have made achieving our inflation targets a challenge.
In the euro area, we have made big advances in strengthening the institutional framework of our Economic and Monetary Union – with the banking union being the most important one. We have also seen significant progress as stressed countries have adjusted their policies at the national level. But there is no room for complacency.