The implementation of our asset purchase programmes is proceeding smoothly, with volumes in line with the announced figure of € billion of securities per month. In addition, there is clear evidence that the monetary policy measures we have put in place are effective.
Financial market conditions and the cost of external finance for the private sector have eased considerably over the past months and borrowing conditions for firms and households have improved notably, with a pick-up in the demand for credit. Looking ahead, our focus will be on the full implementation of our monetary policy measures.