The effects of the measures have to be assessed jointly and taking into consideration that some of the measures started to produce results before the decisions were actually taken.
This is particularly true of the PSPP, which was adopted in January; a survey of market participants conducted in October 2014 showed that over 50% were already anticipating that such a programme would shortly be adopted. The distinguishing feature of the new phase of our unconventional monetary policy is the switch to a more active steering of the ECB’s balance sheet.