These portfolios total around € billion and include shares in about 140 listed companies. Two ESG criteria have been added to the principles of diversification and market neutrality, which were already embedded in our previous strategy. The first principle is to exclude companies that belong to sectors that do not  1 2  Visco (2019).
This sequencing makes sense 2/3  BIS central bankers' speeches  because continuing net purchases and simultaneously hiking key ECB interest rates would send a contradictory signal: Such a policy would increase short-term rates and at the same time push down medium- to long-term interest rates. Furthermore, asset purchases are exceptional measures associated with particular risks and difficulties.