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Faced with an environment of unprecedented complexity, the ECB has taken a series of unconventional measures to prevent a too prolonged period of low inflation and deliver its mandate. Those measures have proven so far to be potent, more so than many observers anticipated. But their potency is also because they have interacted with other policies that have put the economy and the financial sector in a better position to respond to our monetary impulses.
This includes the Comprehensive Assessment of euro area banks. And it includes structural reforms where they have been implemented. By the same token, structural reforms that increase confidence in economic prospects and encourage entrepreneurs to capitalise on today’s extremely accommodative financing conditions will make our policy commensurately more powerful.
Policymakers in the euro area are independent, but the effects of their policies are interdependent. This is why it is ultimately only a combination of policies, that are complementary and mutually consistent, that will allow our policy to reap its full effects – and to bring about a lasting return of both prosperity and stability for the whole euro area
