Next, I would like to explain the effects the policy will have. The key aim of this policy is to drive down real interest rates, which is the main transmission channel of QQE.
We have started internal reflections on how to increase transparency of the deliberations in the Governing Council without undermining independent decision-making by its members. Our commitment to accountability and transparency has also become apparent in the Agreement concluded between our two institutions on the Single Supervision Mechanism (SSM).