Public sector as well, we have to improve the rules and regulations, the standards and codes, the prudential regulations, the accounting rules, the auditing and I would not exclude the improvements in the institutional framework, in particular on both sides of the Atlantic.” Q. Do you think bankers have learned their lessons? A.
In that respect, they differ from the third purchase programme, which was launched in October 2014 with the intention of easing the monetary policy stance. In 2015 it became part of the broad asset purchase programme, or APP, under which the Eurosystem also buys corporate bonds, asset-backed securities and government bonds. The total volume now comes to more than € trillion.