In my remarks today, I want to focus in particular on these asset purchase programmes and explain a novel element to our communication that came with their announcement – that is, our emphasis on the impact of these measures on the ECB’s balance sheet.
But first I will briefly review the economic situation in the euro area to provide you with some context for our decisions. Macroeconomic context Following a flat reading for real GDP in the second quarter, the euro area economy is likely to resume its recovery path in the third quarter, but only at a modest pace.