This supports demand across the euro area and the smooth functioning of the Single Market. I understand that some observers in this country have concerns about the medium-term implications of this policy. So let me be clear: we always have a medium-term orientation. We are steadfastly committed to our mandate to maintain price stability. And the measures we have announced fully support this commitment.
Breakdown: € billion on the primary and € billion on the secondary market.)   A new series of four targeted longer-term refinancing operations (TLTRO II), each with a maturity of four years, will be launched in June 2016.