Benoît Cœuré: Monetary policy - lifting the veil of effectiveness

Speech by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the ECB colloquium on "Monetary policy: the challenges ahead" held in his honour, Frankfurt am Main, 18 December 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

In a few days, I will leave the ECB after eight years of unprecedented challenges for the integrity and stability of our single currency, the euro.

I would like to thank Tobias Blattner for his contribution to this speech and for his unwavering support, alongside my former counsellors, Lorenzo Cappiello and Roland Straub. As always, all opinions expressed here are mine, as are any mistakes.

Throughout these years, the ECB's resolve and steadiness have been the cornerstone of Europe's crisis response and economic recovery.

I feel grateful and humbled to have been given a chance to be part of this effort.

I would like to thank former President Mario Draghi, my Executive Board and Governing Council colleagues, and the staff of this great institution for their friendship and trust. And I would like to wish Isabel Schnabel and Fabio Panetta the best of luck.

The starting point for my remarks this morning is people's sense of frustration and their criticism of central banks for failing to deliver inflation consistent with their aim.