A consequence of the positive influence of asset prices on investment is that if prospects for profitability as reflected in asset prices in one sector of the economy are advancing relative to asset prices in all other sectors, investment in that sector will outpace investment in the rest of the economy, all else equal.
As financial market tensions adversely affected the monetary policy transmission mechanism, the Governing Council also adopted a range of non-standard monetary policy measures as of August 2011. These included the reactivation of the Securities Markets Programme, the launch of a second covered bond purchase programme and measures to provide liquidity in foreign currencies.