The switch to a more active steering of the ECB balance sheet is the distinguishing feature of the new phase of our non-standard measures. It is important to underline the nature of this new phase.
We are not thinking of increasing our monetary base, expecting that through the workings of a stable multiplier, monetary aggregates will increase, thereby causing an upward movement in inflation, by whatever ways the traditional quantitative approach conceived. We decided on a Large Scale Asset Purchase (LSAP) mostly to be able to use several new channels of transmission of an expansionary monetary policy.