Economic growth in the euro area is considerably stronger now than in the previous months. The momentum could be lessened over the next quarters by the decline in demand in the United States and the need for some of the main euro-area countries to consolidate their public finances.
Why did we decide to engage in purchases of this particular asset class? Several factors guided our decision. •  First, as I have stressed, in the euro area measures to support the flow of credit to the non-financial sector need to operate first and foremost through banks.