Since then, both the size and duration of our asset purchases have been recalibrated in response to changes in the inflation outlook. Our asset purchases have also been complemented by further cuts in policy rates and the use of forward guidance.
Communicating our expectations about future policy, along with the conditions that would warrant a change in the policy stance, has successfully contributed to reducing uncertainty around the expected future path of short-term interest rates, thereby helping to preserve accommodative financial conditions. Supported by these policy measures, the euro area economy has steadily recovered. We have now seen 22 consecutive quarters of economic growth.