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In September 2014 we also established a programme to buy covered bonds and asset-backed securities directly linked to the financing of the real economy.
Together, these measures have already helped – and continue to help – ease financing conditions in the euro area.
Despite this progress, the growing threat of prolonged weakness in inflation has made new measures necessary.
As a result, in January 2015 the Governing Council decided to launch an expanded asset purchase programme.
To amplify the impact of the rate cuts, we also issued forward guidance on the likely path of key interest rates.
These challenges guided our actions in pursuit of our price stability objective.
The National Assembly, like all of the national parliaments, plays a vital role every day in the necessary interaction between national and European institutions.
The effectiveness of our policies is in the balance: our economies are too interdependent for us to turn our backs on one another.
This led to an unprecedented accommodative stance in our monetary policy, a stance carried out via a wide range of measures, some conventional and others unconventional.
As you know, the principal channel used to implement conventional measures, those used by central banks in normal times, is the interest rate channel.