Faced with growing disinflationary risks, and with the scope for rate cuts now exhausted, we at that point moved to asset purchases as the  7  For this section see charts 15–17. BIS central bankers’ speeches  5  main tool to expand our monetary policy stance. This was the context in which we launched our expanded Asset Purchase Programme (APP).
We are generally satisfied with how these measures are working so far, and we will continue our monthly asset purchases until the end of September 2016, or beyond if necessary, and in any case until we see a sustained adjustment in the path of inflation that is consistent with our price stability objective.