Therefore, both purchase programmes complement the TLTROs in strengthening the transmission of monetary policy to the borrowing conditions of the non-financial private sector in the euro area and in supporting credit conditions for businesses and households in the euro area.
At the end of 2014, the Governing Council communicated its intention to increase the Eurosystem’s balance sheet towards the level that existed at the beginning of 2012 in order to provide a sufficient degree of monetary stimulus to raise the inflation rate to levels below, but close to, 2%.