In January last year, we finally opted for large-scale asset purchases when faced with a period of weak growth, when already low inflation rates were falling further and we saw risks of inflation expectations destabilising. Like our previous measures, these purchases belong to the category of credit easing. To fulfil our mandate we need to make use of all instruments at our disposal.
The relative resilience and stability of the industry during the financial crisis and its flexibility and responsiveness to changing business needs has helped the industry to establish itself as a viable financial system.