Christine Lagarde used the opening of the European Central Bank's annual forum in Sintra on Monday to declare the end of one era in monetary policy.
After more than a decade dominated by bond buying, emergency lending and forward guidance, she indicated that the ECB can once again rely on interest rates as its main tool to keep inflation under control.
But that doesn't mean the job is easier.
"Monetary policy has gone back to basics," Lagarde said, adding that returning to conventional tools" does not mean a return to the same idealised past."
What 'back to basics' means
