It finally stated that it stands ready to adjust its instruments as appropriate. The Governing Council of the ECB launched a monetary policy strategy review, as a response to profound changes in the economic environment. The review will be broad and open-minded, encompassing a number of issues, and is expected to be completed by the end of 2020.
In January 2015, the Governing Council launched an expanded asset purchase programme to address the heightened risks of too prolonged a period of too low inflation, encompassing purchases in the secondary market of euro-denominated investment-grade securities issued by euro area governments and agencies and European institutions. We intend to purchase private and public securities until end-September 2016.