While they are expected to be effective in supporting credit, these purchases do not burden the Eurosystem with excessive credit risk and therefore do not limit our flexibility in the conduct of monetary policy. BIS Review 78/2009  5  Before concluding, allow me a few words on the challenges facing the Spanish economy.
To this end, the European Commission has recently published an Action Plan of regulatory changes to improve the single market for financial services that would certainly – when implemented – boost the integration and market-driven development of the European securities markets.