However, these dynamic effects are difficult to estimate precisely. Taken together, these factors mean that not only the efficiency of the measures per euro of liquidity injection, but also the overall scale of the measures is difficult to anticipate.
Balance sheet communication These considerations interact with our recent communication as follows: the clarification that the measures will have a sizeable impact on our balance sheet is a way to manage the second dimension of uncertainty, the scale. It underpins our commitment to ensure a powerful transmission of the measures adopted in June and September.