1. The sovereign debt crisis and the outlook for Italy  For two years now the global financial crisis has found a new and dangerous focus in the euro area.
Market expectations for the likeliest terminal date of the APP have not coincided with the “expiry date” communicated in the most recent programme recalibration, but have instead typically extended beyond this expiry date. In other words: in forming their predictions about the most likely date for purchases to end, markets have not just looked at the date-based element of our guidance.