The direct effects of our action may be limited, given the size of our investment portfolio, which is 19 billion euros, and given the composition, which is mostly government bonds. But we hope that others will follow, and collectively, the impact will be larger. And apart from the absolute number, we as central banks exert influence by leading by example.
•  The US economy exhibited in the late stages of its expansion two or three developments which arguably warranted the use of the term “bubble”:  •  The US stock market, particularly the technology sector as measured by the NASDAQ, rose to exceptional heights and has since fallen.