Thus the purchases in that sense are market-neutral; on average they are spread uniformly across assets in the market. We are also constantly monitoring liquidity in the markets where we make purchases. It is important as well that the ECB only buys up to 33% of each bond to avoid having a market-dominant position in any security.
Market participants can then freely set their prices and market-oriented premia can be established for credit and liquidity risks. When, in January 2015, the Governing Council decided on the purchase of government bonds, there was consensus on the Council that such purchases in principle represent a legitimate monetary policy instrument for ensuring price stability.