The first months have been encouraging: contrary to what some were saying, we have had no difficulty finding assets to buy, indicators of the inflation expectations are showing signs of recovery, lending to non-financial corporations is trending upwards, the recovery trajectory is there to be seen and we expect inflation to move back towards 2%.
But we are only at the start of these asset purchases, which we plan to maintain until September 2016, and in any case until we see a sustained adjustment in the path of inflation, in line with our objective. It would be quite premature to start talking about the end of this programme. BIS central bankers’ speeches  3