•  Furthermore, the Eurosystem will purchase euro-denominated covered bonds issued in the euro area of about € billion. These purchases will target an important segment of the private securities market, which has been particularly affected by the financial market turbulence. We have outlined the specific modalities of implementation last week.
All the while, we are facing continuously sluggish money and credit dynamics – even if growth rates of some key aggregates have edged up in recent months. Consistent with this subdued picture, the latest ECB staff projections foresee growth and inflation to pick up only gradually.