In the euro area, it is natural for “credit easing” to be implemented primarily through the participation of banks. As regards non-conventional measures, let me recall the following.
As inflation moderates over the course of the year, we expect a pick-up in real household  1/4  BIS - Central bankers' speeches  disposable income, gradually restoring consumers' purchasing power and supporting domestic economic activity. Our latest forecast is for MDD growth of 3.1 per cent this year, 2.9 per cent in 2024 and 2.6 per cent in 2025.