Specifically, the instruments we have employed since June 2014 are negative interest rates on the deposit facility; a reinforced form of forward guidance on the evolution of key interest rates in the future; targeted longer-term refinancing operations (TLTROs); and the asset purchase programme (APP). With policy rates at exceptionally low levels, the APP soon became the primary instrument for calibrating the monetary policy stance.
How effective have our asset purchases been in helping the ECB to accomplish its statutory objective in the medium term?