I will then touch on the subject chosen for our exchange of views, namely the risks and side-effects of our asset purchase programme. Finally, I will say a few words about the current situation in Greece. Economic outlook and monetary policy The latest economic indicators and survey data broadly confirm our assessment that the economic recovery is proceeding at a moderate pace.
While growth has been mainly supported by private consumption in recent quarters, we now see encouraging signs that also private investment is picking up, which underlies our expectation that the economic recovery should broaden.