Progress also occurred, although at less impressive rates, in the corporate bond and equity markets. The elimination of the currency risk has diminished the importance of the local component in the securities business, with institutional investors increasingly taking a pan-European view in investment decisions.
Our measures help to preserve favourable financing conditions for all sectors of the economy, which is needed for a sustained economic recovery and for safeguarding price stability. We will also continue to monitor developments in the exchange rate with regard to their possible implications for the medium-term inflation outlook.