In the low-interest-rate setting, the Eurosystem’s accommodative monetary policy has been relying to a greater extent on non-standard measures and forward guidance on the future path of policy rates. A new paper examines how these measures have worked across the term structure and how market expectations have evolved during the phase of low interest rates. The results illustrate that the Eurosystem can continue to influence market participants’ interest rate expectations at the effective lower bound by way of unconventional monetary policy measures.