Regarding non-standard monetary policy measures, we confirm that our net asset purchases, at the current monthly pace of € billion, are intended to run until the end of December 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its inflation aim.
For after all, even if global macro-economic imbalances and accommodative monetary policy provided an enabling environment for excessive leverage and risk taking, it was still the responsibility of regulators and supervisors to have taken appropriate macro prudential measures, preemptively and proactively, rather than reactively, to prevent such an apocalyptic event.