The unweighted average of the shares across euro area countries then stabilised around the same levels, while the weighted average (driven by the largest countries) continued along an upward path. With regard to cross-border euro area interbank liabilities (that is, interbank liabilities coming from other euro area countries), after a fall in the last quarter of 2008, the share remained broadly stable (Chart 6).
3 For further discussion of the implementation and effects of the APP, see Hammermann, F., K. Leonard, S.  Nardelli and J. von Landesberger (2019), “Taking stock of the Eurosystem’s asset purchase programme after the end of net asset purchases”, Economic Bulletin, Issue 2, European Central Bank.