And the fifth dimension is the horizon of our new measures, which will last until end-September 2016 or until we see a sustained adjustment in the path of inflation consistent with our aim of achieving inflation rates close to 2% over the medium term. This combination of features will provide for full control over the scale and intensity of the monetary stimulus.
And while it will work through several transmission channels, we expect it to be particularly powerful in terms of portfolio rebalancing effects. Put simply, the displacement of investors’ portfolios will be larger, faster and take place across more market segments.