Still, domestic demand remains robust and the slowdown of growth up to now mainly reflects a normalisation after the particularly strong growth rates seen at the end of 2017. With the absorption of economic slack, wage increases started to strengthen, and that process will eventually result in feeding domestically generated inflation.
As most evident effects, we can point out that the abundant and flexible provision of liquidity under the quantitative easing framework successfully maintained extremely easy monetary conditions, thereby preserving financial market stability.