Estimates by Banco de España researchers suggest that the PEPP will have had a firstorder positive impact on inflation and on the GDP growth rate in the 2020-2022 period.2 The evidence available also suggests that the TLTROs have fulfilled the function for which they were designed, as banks have used the financing received to grant loans to the real economy.3 Admittedly, it is difficult to accurately quantify the economic and financial deterioration that would have ensued had the PEPP and the rest of the measures not been launched, and therefore to estimate the resulting overall effect on euro area macroeconomic developments. But one of the main effects of the monetary policy measures, in a setting as adverse as that in place at the onset of the pandemic crisis, has been to avoid disruption on financial markets that would have ultimately given rise to a much deeper and persistent crisis. 1  For further details, see P. Hernández de Cos (2021): “The European Central Bank's monetary policy: response to the pandemic crisis and future challenges". Speech at the Universidad Autónoma de Madrid (UAM). 2  See Aguilar, P., Ó. Arce, S. Hurtado, J. Martínez-Martín, G. Nuño, and C. Thomas (2020). “The ECB monetary policy response to the COVID-19 crisis”, Occasional Paper no. 2026, Banco de España. 3  See, for example, the October 2020 Bank Lending Survey in Spain.
Other approved decisions are as follows: a decision to allow GCC citizens to exercise the activities of insurance services, transport services, in its different forms, and real estate services, the application of the Same National Treatment on GCC citizens in the field of jointstock companies’ shares ownership and trading and GCC Citizens Real Estate Ownership Regulation in the Member States for residential and investment purposes. Women Right to Obtain a Housing Loan from the Real Estate Development Fund, when she is responsible for her family, has also been approved. The Ministry of Housing has been established and it has received allocations of SAR 250 billion. The Real Estate Development Fund’s maximum real estate loan has been increased to SAR 500 thousand from SAR 300 thousand. The draft Arab Agreement on Combating Cyber Crimes and the draft Arab Agreement on Combating Money Laundering and Terrorist Financing have been approved. Financial Leasing Law, which aims to provide a funding formula for joint-stock companies specialized in financial leasing, has been approved. SAMA has been entrusted with the supervision and control function over financial leasing. Real Estate Mortgage Law has been approved to provide the necessary guarantees, when practicing real estate finance activities, and define the mortgage contract parties’ rights and obligations and provide more flexibility in utilizing real estate assets.