In order to curtail tensions in repo and bond market liquidity, Eurosystem central banks have made their holdings available for securities lending from the start of the PSPP. Let me go a little deeper here, as securities lending is a key topic at this conference. The lending was implemented in a decentralised manner in the Eurosystem.
In May, euro area HICP inflation was down to 0.0%, according to the preliminary estimate from Eurostat. This is the lowest number registered since the launch of the euro. The rapid decline over this period is primarily due to the marked fall in global commodity prices, and particularly oil prices.