In particular, the third series of Targeted Long-Term Refinancing Operations (TLTRO III) are conducted on very favorable terms in order to support bank lending to businesses and households and to ensure low borrowing costs for the private sector.
Real gross domestic product (GDP) declined at an annual rate of roughly 1 percent in the first half. Real private domestic final purchases stepped down from a 6.4 percent pace last year to an annual rate of only 1.3 percent during the first half of this year.