The impact of the programme and the ECB’s previous monetary policy measures is visible: Bank lending rates to companies started to decline in the third quarter of last year, marketbased measures of inflation expectations have reacted positively to the ECB’s balance sheet expansion over recent months, and euro area long-term sovereign yields have fallen – in spite of the renewed crisis in Greece.
In 2018, in the US the overall loans originated via alternative lending platforms reached about 5% of the value of newly issued consumer credit.