On the spending side the adjustment, which rises from € billion in 2012 to € billion in 2014, is mainly due to the measures relating to pensions. Over the three years, the measures generate resources totaling € billion in 2012, € billion in 2013 and € billion in 2014.
For many of these assets, the only source of liquidity proved to be the central bank. This was true in the Australian market as well as internationally.