As a result, we ultimately could expect to see positive effects transmit to developments in economic activity and prices. 3. What do we mean by “expectations”? In relation to the transmission effects I have just described, the measures decided at the April 3–4 MPM emphasize the influence on “expectations.” I will explain what these “expectations” mean. There are three types to consider.
In addition, the Governing Council decided to start purchasing non-financial private sector assets. The Eurosystem will purchase a broad portfolio of simple and transparent asset-backed securities (ABSs) with underlying assets consisting of claims against the euro area non-financial private sector under an ABS purchase programme (ABSPP).