By successfully countering a tightening in financing conditions, our measures have supported the growth and inflation outlook. The inclusion of Greek government bonds in our pandemic emergency purchase programme has helped to stabilise financing conditions in Greece. Interest rate spreads have dropped markedly, with clear positive spillovers in the Greek financial markets and banking system.
The yield spread between ten-year Greek government bonds and equivalent German government bonds has declined by around 250 basis points since the start of our pandemic emergency purchase programme. But we are not there yet.