For instance, in April 2011 the Governing Council raised the MRO rate before having phased-out all the non-standard measures. Similarly, at its most recent meeting the Governing Council decided to keep the main refinancing rate unchanged, while, firstly, expanding our nonstandard measures by re-introducing LTROs with 12-months and now even 13-months maturity, and, secondly, announcing a second covered bond purchase programme.
Around the world bond yields have fallen recently to historical lows, indicating participants in this market see a weaker outlook for growth and inflation. Equity markets, on the other hand, have been steadier, after two-and-a-half years of falls. In the United States markets have even made noticeable gains in recent weeks, suggesting that some of the gloom may be lifting.