i)  its interventions in support of the covered bond markets through the two Covered Bond Purchase Programmes (CBPPs), aiming at reactivating the primary market. Both programmes had the objective of easing funding conditions and encouraging institutions to maintain or expand lending to their clients, thereby contributing to the Eurosystem’s role in supporting the functioning of financial markets.
But even with that progress, it will still be some time before markets in that region are functioning at their optimal efficiency. And it will be some time before households in Asia have sufficient and appropriate incentives to reduce savings and increase their consumption. This is not just an Asian problem.