1 The first TLTROs took place in September 2014. In September 2014, the ECB announced the launch of the  CBPP3 and the ABSPP. 2 For more details see “The transmission of the ECB’s recent non-standard monetary policy measures” ECB  Economic Bulletin, Issue 7/2015. 4/4  BIS central bankers' speeches
3 The level as much as the volatility of food prices have significant repercussions for all economies, advanced or not, by affecting economic growth, inflation, public finances, the balance of payments, income distribution, poverty, and in some cases even political stability. However, the magnitude of the corresponding challenges has an inverse relationship with the level of development.