This action will restore the Eurosystem’s balance sheet to the peak levels recorded in the first half of 2012. About € billion worth of Italian government securities will be purchased, of which more than € billion by the Bank of Italy and the remainder by the ECB. The single national central banks will bear the risks associated with the government securities they purchase.
It often takes many years of data to  BIS central bankers’ speeches  1  establish any degree of confidence in asserting a change in a trend. As a result, it should come as no surprise that I do not have an answer for the question whether we are facing a new normal.