Let me briefly explain the main objective and the key characteristics of the ECB’s expanded bond-buying toolkit. The explicit objective of the ECB’s programme is “a sustained adjustment in the path of inflation that is consistent with its aim of achieving inflation rates below, but close to, 2% over the medium term”. The key elements of the programme are the following: 1.
BIS central bankers’ speeches  1  farmers have responded to water shortages by selling animals for slaughter and are likely to withhold supply while they rebuild their stocks. Accordingly, we expect food prices to come down quite slowly, even if we do get enough rain this year. Higher food prices pose an interesting policy problem. They are a classic supply shock.