32 The APP allowed us to further apply downward pressure on the term structure of interest rates by compressing risk premia out along the yield curve and improving private sector financing conditions. Quantitative Easing (QE) has been effective both in the U.S. and in the euro area.
Despite the slippages that  BIS Review 159/2008  1  we experienced along this journey, we have proven that in unison we can achieve greater things. It shows that with the spirit of teamwork we can achieve all what we intend to achieve. I believe that this is the path we will continue to follow in the future.