The evidence we have so far on the effects of the programme is consistent with those predictions. The cost of new loans to households and firms in the euro area has fallen by 60 and 70 basis points, respectively, since mid-2014. For Italian firms, the cost of borrowing has come down by 120 basis points (Figure 4).
And how we struggle now to get back on to the fast track! Opening a new branch is always a pleasure; one only to be surpassed, for a central banker, by opening a new bank! This year we have done both.