* * *  1 Introduction Ladies and gentlemen, Let’s be honest: monetary policy implementation is not exactly an appealing lunch topic. As a kind of reward for your audacity to come along regardless, I will focus my remarks on the implementation of the Public Sector Purchase Programme (PSPP) as the main pillar of the Eurosystem’s asset purchases.
As a general reminder, I would like to mention that the question of how to implement purchases of public sector securities is not the first question that monetary policymakers need to ask themselves. The first question to be asked is whether such purchases should be implemented at all.