All this is a substantial agenda for the future. It is an agenda that requires the common efforts of the private sector, which provide the innovative spark for the development of new techniques, and the public sector, which needs to make sure that the right incentives are in place to allow efficiency and stability to be mutually consistent. BIS Review 33/2001  3
[3] Last July, balance sheet growth came to a halt when we ended net asset purchases under the asset purchase programme (APP). Since autumn, the size of the balance sheet has been declining as banks began repaying their outstanding TLTRO loans. The balance sheet has declined further since the beginning of March, when we stopped fully reinvesting maturing securities bought under the APP.