Notably, the pension system became a full “pay-as-you-go” system, making it one of the most sustainable in the world, notwithstanding the progressive ageing of the population.
It consisted of, first, our targeted long-term refinancing operations, which provide cheap long-term funding to banks on the condition that they expand loans to the real economy. And second, our purchases of asset-backed securities and covered bonds, which have a relatively tight link with credit extension to the private sector.