In my short remarks this evening I will take stock of euro area bond market developments since the start of the year without elaborating on the future course of monetary policy, which the Governing Council discussed at its meeting last week in Vilnius.
I will show that the APP has continued to provide substantial monetary accommodation also after the transition from net purchases to reinvestments. The stock effect of our asset purchases, alongside clear forward guidance by the Governing Council on its intentions regarding reinvestments and policy rates, has helped to preserve very accommodative financial conditions.