Third, the euro area economy will encounter less fiscal drag as countries have made important progress in improving their budgetary positions. BIS central bankers’ speeches  1  Fourth, real disposable incomes are expected to benefit from a drop in commodity prices. And, finally, starting from 2014, the recovery is also expected to benefit from fading credit supply constraints.
The motivation behind the decision to expand purchases to euro-denominated public sector securities was the weakening of the inflation outlook: euro area inflation, core inflation and both short and long-term inflation expectations declined strongly during the second half of 2014.