Risk spreads on U.S. investment-grade and high-yield bond prices rose, and corporate bond issuance fell to about half the run-rate of earlier this year. Broad measures of industrial commodity prices decreased substantially from their peaks – mostly on account of weaker expected global demand. There has been, however, some modest improvement across some markets in the most recent weeks.
In other words, it would be one key building block in a broader construct of the strategy review, in order to enable the ECB’s monetary policy to better support sustainable growth and job creation, and also help reach its inflation target in the coming years. I will end here and look forward to your questions.