According to the Bank's model, a 10 percent increase in real net financial wealth boosts consumer spending 0.7 percent in the long run, and a similar rise in real gross housing wealth boosts spending 0.5 percent in the long run.
All of these actions had clear positive impacts in line with their objectives. If we look at the past experience, the ECB’s measures have enabled the monetary policy transmission mechanism to continue operating relatively well at the level of the euro area, containing also contagion, although it should be recognised that the transmission mechanism remains severely disrupted in some euro area countries.