Impacts are shown for different APP reinvestment scenarios, defined by the horizon indicated in the legend. The marginal impact of each additional year of reinvestment is given by the distance between the scenario curves. Latest observation: February 2018. 10 Praet, P. (2017), “Maintaining price stability with unconventional monetary policy measures”, speech at the MMF  Monetary and Financial Policy Conference, London, 2 October.
11 See the euro area bank lending survey, October 2017. 12 This chart shows the risk-neutral probability distribution function implied by two-year zero-coupon inflation  options. These risk-neutral probabilities may differ significantly from physical, or true, probabilities.