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But a lot has happened since then, which has accelerated the process of both rate increases and QT in many places. 16 See the Federal Reserve (2022a) for information on the latest statement and the Federal Reserve Bank of St Louis (2019) for a description of monetary policy in the years prior to the coronavirus crisis. 17 See Bank of England (2021). 18 See Bank of England (2022). 19 The ECB has not yet raised its policy rate, but has announced that it intends to start the reinvestment phase of its general asset programme, known as the APP, in the third quarter of this year The policy rate can be raised some time later and reinvestments are planned to continue for a long period after the first increase in the policy rate. See ECB (2022). 7 [19]  is that the holding will gradually decline in the future, and we decided the purchase sum for bonds would be half as much during the second half of the year as the first half of the year. Depending on the Executive Board's future decisions, the holding is expected to decline as securities mature. This means that our reinvestment phase lasts about six months, and that we raised the policy rate approximately in the middle of that phase. Table 2 compares the effects on the economy of raising the policy rate compared to using QT. Increases in policy rates have more direct effects on the economy and dampen inflation more.