In April last year, the Bank introduced quantitative and qualitative monetary easing (QQE) to achieve the price stability target of 2 percent at the earliest possible time, with a time horizon of about two years.
These decisions were taken against a regulatory framework that assigns some discretion to macroprudential authorities allowing them to tailor their action to the specificities of each country. The discretion exercised by macroprudential authorities, together with the different risk environments and institutional setups for macroprudential policy across countries, have led, as expected, to some heterogeneity in the action taken by these authorities.