Besides, the Single Resolution Mechanism and the Bank Recovery and Resolution Directive, with its new rules for dealing with banking crises entering into force in 2016, will make banks’ shareholders and investors more prudent and will better protect European taxpayers from any misbehaviour by banks.
In addition, as for exchange-traded funds (ETFs) and Japan real estate investment trusts (J-REITs), the increases in the amounts outstanding of the Bank’s holdings will be tripled in both cases. The latest decision to expand the QQE will further strengthen the policy transmission mechanism that I mentioned at the outset.