From this perspective, the complementary nature of our instruments – with forward guidance anchoring the short-to-medium term segment of the curve, and the asset purchase programme acting on the long-term segment – has given our monetary policy strategy an extra edge over the last few years. It has made it more targeted and thus more impactful.
And this continues to be the case for Greece and Cyprus. Please allow me to conclude. 2  BIS central bankers’ speeches  Five years ago, the programme framework came to life.