We intend to pursue these purchases at least until the end of September 2016 and in any case until we see an inflation path that is sustainably approaching our objective. This assessment will be made by looking at the trends and not at the individual numbers that could result from temporary phenomena. Early evidence shows that these measures, in combination, have been effective.
Bank lending rates to firms started to decline in the second half of last year, and gradually showed less dispersion across countries. Lower interest rates in markets are now being transmitted along the entire chain of financial intermediation. The contraction of credit seems to be reversing.