As a result, fewer SMEs are reporting that credit has been a limiting factor for their businesses. This should only continue as our measures are fully rolled out and reach their maximum BIS central bankers’ speeches  3  impact. In other words, the APP, coupled with our other credit easing measures, has reduced distortions caused by market fragmentation in the euro area.
Still, we know that the longer unconventional policy lasts, the greater the risk of distortions appearing and diminishing its effectiveness over time. The principle of proportionality also implies that we should only use such measures for as short a time as is necessary to fulfil our mandate.