In particular, the ECB has pursued a multi-dimensional monetary policy since mid-2014 that has combined a negative deposit rate, an asset purchase programme, targeted long-term refinancing operations (TLTROs) and forward guidance on the expected future path for its policies. This strategy was adopted in recognition of the risk of persistent under-shooting of its inflation target, including a tail risk of deflation.
* * *  Reflections on the future of monetary policy may require new data needs I would like to thank the organisers for inviting me to this most interesting conference, and especially this particular session as it really is about the interactions between statistics and the future of monetary policy, a hotly debated topic.