The first element is the Bank's provision of ample liquidity to the money market so that the outstanding balance of current accounts at the Bank substantially exceeds the amount of required reserves.
The second is the Bank's commitment to maintain this ample provision of liquidity until the year-on-year rate of change in the consumer price index (CPI) registers zero percent or higher on a sustainable basis. The effects of the quantitative easing policy have been changing with developments in economic activity and prices as well as the state of the financial system.