This programme will begin in March 2015 and is expected to continue until such time as the EU is on the 'path of inflation', according to ECB President Mario Draghi. Under the programme, the ECB will buy securities both in public and private sectors, at a cost of €60 billion per month. The ECB will buy bonds issued by euro area central governments, agencies and European institutions in the secondary market against central bank money, which the institutions that sold the securities can use to buy other assets and extend credit to the real economy.