Such messages about the objective and nature of the ECB’s recent money market operations helped to stabilise longer-term inflation expectations at levels consistent with our price stability objective and to restore orderly conditions in the money market. III.4  Minutes and voting records  With these and other forms of communication in place, the ECB has achieved a high level of transparency over time.
In relation to foreign assets, the initial retrenchment has been reversed, with increasing net purchases of foreign assets by domestic investors in both less vulnerable and more vulnerable countries. In relation to foreign liabilities, the scale of net selling by foreign investors of the debt securities issued by more vulnerable countries has steadily declined, with a return to net inflows in the June data.