the introduction of a corporate sector purchase programme ( cspp ) was decided in march 2016. 4 taken together, these form the expanded asset purchase programme ( eapp ) : from march 2015 to march 2016, average monthly purchases were €60 billion ; since then, the target has been raised to average monthly purchases of €80 billion. the governing council also provides forward guidance as to the future direction of monetary policy. as indicated above, the stated policy is that the key ecb interest rates will remain at current or lower levels for an extended period of time, and well past the horizon of the net asset purchases. in turn, it is guided that the monthly asset purchases of €80 billion are intended to run until the end of march 2017, or beyond, if necessary, and in any case until the governing council sees a sustained adjustment in the path of inflation consistent with its inflation aim. furthermore, the 8th september press statement also re - iterates the general determination of the governing council to attain its inflation target by stating : “ if warranted, 1 / 5 bis central bankers'speeches we will act by using all the instruments available within our mandate. ” the policy package that was initially launched in summer 2014 was a response to the belowtarget outlook for the inflation rate and the subdued level of aggregate demand in the euro area. 5 there were also clear downside risk scenarios associated with destabilising feedback dynamics between elevated bank funding costs, significant premia in lending rates in those member countries most affected by the crisis and the legacy of high private and public sector debt levels. in addition, there was a clear risk of a de - anchoring of inflation expectations, especially if the governing council failed to respond to these adverse developments. since the shift in monetary policy in summer 2014, financial conditions in the euro area have markedly improved : bank lending rates have declined and there has been a marked reduction in yields on bonds issued by sovereigns and financial and non - financial corporates. in turn, through mechanisms such as the easing of financial conditions and the positive impact of the accommodative monetary stance on confidence levels, it is estimated that the ecb policy measures have added 50 basis points both to the 2016 inflation rate and the projected inflation rate in 2017, while cumulatively adding 1. 5 percentage points to euro area gdp over 2015 - 2018 ( draghi 2016a ). still, the inflation rate remains below the target level, with inflation projected at 0. 2 percent in 2016 and

and behaviours, interlinked with technological advancement ; and deepening european integration. 1 / 4 bis - central bankers'speeches for the bank, the last decade has been one of new policy development and implementation, of changes in our frameworks, of harnessing deeper and more diverse expertise, and of a growth in staff numbers. it has been a period of responding to change in the external environment, with an enduring commitment to our important public service mission. so the leadership challenge for my colleagues and i in the central bank is to act in a way that is balanced and proportionate, effective and fair and delivers the right outcomes. we operate in a market based economy and the central bank wants to see that the people of ireland, europe and the customers served around the world from ireland are served by a well - functioning system. so when the central bank's board, the central bank commission, of which i am a member, set out the central bank's strategy, it did so in a complex environment. we did this with a commitment to build on what has been achieved to strengthen the resilience of the financial system, enhance protections for consumers and investors, and support economic policy development. the decade ahead will see continued rapid change in economies and in the financial system, driven by technology, by changing demographics, the imperative of responding to the climate and biodiversity emergencies, and a more uncertain world. this requires us then to accelerate our own pace of change to deliver on our mandate and to meet the public's expectations of us. and it requires us to do so in a considered and deliberate way. our strategy then has four connected themes, safeguarding, future - focused, open & engaged, and transforming. they represent a renewal and repositioning to ensure that our direction and ambitions are responsive and forward looking. i'll reflect upon them briefly. firstly, safeguarding. the stability of the financial system and the effective regulation of financial services and markets, while ensuring that the best interests of consumers of financial services are protected, is at the core of our mandate and our work. this word, " safeguarding ", sums up the public's expectations of the bank and its staff and so it takes a central role in our strategic execution. secondly, future - focused. a rapidly changing world, economy and financial system requires a shift in our focus, our analysis and our frameworks. a forward looking approach will mean anticipating and responding proactively to changes in the economy and