We have set forth criteria to measure the headway we have made towards meeting this stated objective since the programme was launched. Next week, the Governing Council will have to assess whether progress so far has been sufficient to warrant a gradual unwinding of our net purchases.
In making its assessment, it will consider the underlying strength of the euro area economy and the pass-through to wage and price formations. Monetary policy response to the crisis In the years preceding the onset of the global financial crisis in 2008, over-optimistic growth expectations had taken hold in a number of advanced economies.