15 The shock is scaled to a term-spread reduction by 34 basis points, which is the estimated level of the impact of the announcement of the December 2016 APP package on the euro area 10-year bond rates.
This implies that the size of the impact considered in the estimates presented in the charts below is smaller than the total effect of our unconventional policies from 2014 to 2016. The analysis is nevertheless representative and conclusive regarding the distributional impact of our monetary policy.