We see these purchases taking place in the marketplace, a development that should help to increase the number of successful workouts. Also, local community organizations that work to promote homeownership and prevent foreclosures have stepped up their efforts. For example, NeighborWorks America advises borrowers about restructuring their mortgages.
Four and a half years have elapsed since the announcement of the Eurosystem's monetary policy strategy. These years provide a wealth of information, in terms of direct experience and of views by external observers. In December 2002 the President of the ECB announced that the Eurosystem would conduct an extensive analysis of its strategy.