The latest such non-standard measures, the targeted longer-term refinancing operations (TLTROs), the purchase of asset-backed securities (ABSPP) and covered bonds (CBPP3) and the intention to bring the ECB balance sheet at the level observed at the beginning of 2012, aim at bringing inflation at levels consistent with price stability and support lending to the real economy.
We have seen a sincere willingness on the part of industry participants to discuss business-resumption issues frankly and openly. I hope that industry members will incorporate best practices as appropriate to their particular business activities and in light of their role in the financial markets.