I will focus on two main sets of issues that the Fed has faced and will continue to face for some time. The first involves our ongoing assessment of the effects of the asset purchases. The second concerns policy normalization in the presence of a very large balance sheet.
Second, it reduces bias towards emission-intensive activities that can fuel macroeconomic volatility in the longer term. In the case of the ECB, in addition to contributing to our primary objective of price stability, our climate and environmental actions also serve our secondary objective.