As a result, fewer SMEs are reporting that credit has been a limiting factor for their businesses. This should only continue as our measures are fully rolled out and reach their maximum BIS central bankers’ speeches  3  impact. In other words, the APP, coupled with our other credit easing measures, has reduced distortions caused by market fragmentation in the euro area.
The Korean economy is expected to continue its modest trend of recovery going forward, on the back of improvements in the global economy centering around the US, the sharp declines in international oil prices, and the effects of expansionary macroeconomic policy. However, it is also true that there are considerable challenges lying ahead of our economy.