It is a necessary tool to bolster the effectiveness of monetary policy when there is less room to use the traditional interest rate tool. The purchases involve both public and private sector bonds, with the aim of facilitating the achievement of the price stability objective.
This opportunity should not go wasted. As the sense of urgency imposed by the crisis vanishes, the risk is that complacency slows down reforms, while the road that lies in front of us is still long. But the decision to complete the global reform agenda through enhanced international cooperation is entirely in our hands.