In the opinion of the Governing Council, the APP was warranted by the risks implied by an overly prolonged period of low inflation. 1/5  BIS central bankers' speeches  Today, ten years after the financial crisis escalated, policy rates are still at historic lows.
The Eurosystem has accumulated a huge portfolio of securities of various kinds, and refinancing operations offered to banks have remained more than generous. As a result, excess liquidity stands at a level nine times higher than after the Lehman collapse, and monetary policy is roughly as expansionary as it was when the crisis was raging. Put differently, the remaining policy space is rather limited.