6  Financial market volatility remains close to historic lows in equity, bond and fx markets (as shown by the MOVE index of US Treasury options, the VIX index of S and P options and the CVIX index of FX options). 7  Net permanent long-term migration of working age entrants has totalled 220,000 since 2012.
The Eurosystem has launched three purchase programmes for covered bonds over the past ten years. The ﬁrst two programmes were intended to help restore liquidity in a market segment important for bank funding. Both had a limited volume and duration and were terminated on schedule.