Stronger monetary policy reaction would magnify the potential downsides of rates being low for so long

Question is which instrument or combination of instruments would be best suited to deal with the circumstances

The cost of using any given instrument might be increasing, which makes the trade-offs more acute.

Would have to consider a tiering system if needed/necessary

The eurozone economy is not doing so badly; in fact, services and construction are doing quite well.

Eurozone’s structural weaknesses, its lingering fragilities, are not going to go away soon.

Asked whether ECB should review inflation objective, says we have more urgent issues to face right now, but I’m pretty sure that we’ll do it at some point nevertheless.

We have a clear price stability mandate, and everything we can do to combat climate change has to be assessed against it.