More recently, we have introduced further non-standard measures to enhance our credit support to the economy through banks. This week we performed our first refinancing operation with a maturity of one year and, as announced following the Governing Council meeting earlier this month, in July we will begin purchasing € billion worth of euro-denominated covered bonds issued in the euro area.
Overall, the measures adopted so far, which have been unprecedented in terms of their nature, scope and timing, have had a positive, stabilising effect on the economy. However, it is obvious that we cannot maintain the current degree of enhanced credit support indefinitely.