However, such reforms are outside of the scope of monetary policy and fall under the remit of other national and European policymakers. As the benefits of structural reforms can take time to materialise, they must be implemented without undue delay and are needed in order to reap the full benefits from our monetary policy measures.
For the first time in some years, the achievement of our goals is within sight. In these circumstances, the Board judged that now was the right time to draw the bond purchase program to a close. There are four additional points that I would like to make.