But it’s difficult to assess because it’s part of a package with the rest of the measures. What is important to note is that, when we saw the need to increase the volume of interventions to € billion a month, we could recalibrate and increase the range of eligible securities under our purchase programme. We don’t feel constrained by the instruments at our disposal.
These include, among others, the Government of Canada's Insured Mortgage Purchase Plan (IMPP); the U.S. Federal Reserve's purchases of GSE direct obligations and mortgage-backed securities (MBS); and the U.S. Commercial Paper Funding Facility (CPFF) (See Chart 5). The early results, along all three unconventional policy channels, are generally encouraging.