Among final demand items, public-sector investment has decreased, and housing investment has declined reflecting the reversal in the stepped-up demand which took place ahead of the rise in the consumption tax rate. However, net exports have continued on an increasing trend, and business fixed investment has been rising steadily. Personal consumption is on a moderate recovery trend. Meanwhile, inventories are generally at appropriate levels.
BIS central bankers’ speeches  Expanding the stance The second, specific challenge we have faced in the euro area has come when we needed to expand our monetary stance – specifically, when we shifted from interest rates as the main instrument of monetary policy to asset purchases via the APP.