In that sense, let me very broadly mention how other policy areas or initiatives can through different channels contribute to enhance medium and long-term growth: first, innovation; second, the transition to a low carbon economy; third, the completion of the Financial Union; and fourth, institutional reforms in the governance of the economic pillar of the Economic and Monetary Union.
This effect arises due to the commitment to maintain an ultra-expansionary policy longer than anticipated by the market participants under normal circumstances. We name this the "policy duration effect."