While activity in the manufacturing sector has continued to improve, momentum in the services sector has slowed somewhat recently. The strength of the recovery remains surrounded by significant uncertainty, as it continues to be highly dependent on the future evolution of the pandemic and the success of containment policies.
2009  ECB cuts the base interest rate from 2.50% to 1.00%, and introduces the first Covered Bond Purchase Programme (CBPP1). 2010  ECB activates the Securities Markets Programme (SMP). 2011  The ECB launches the second Covered Bond Purchase Programme (CBPP2) and introduces the 3-year LTROs. 2012  The ECB announces the Outright Monetary Transactions (OMTs).