The actions we have taken, including with our colleagues at the ECB, have been designed to ensure supportive financing conditions, enabling credit institutions to absorb losses and to support lending to businesses and households. Real-time data for the Irish economy point to a trough reached in April, and an increase in activity as the economy re-opens.
It was a distinct possibility, considering the fall in oil prices. By launching QE now, we aim to anchor inflation expectations. But the indicators announcements …  of  expected  inflation  have  not  reacted  to  the  ECB’s  It’s normal for it to take a little time.