But there is a growing sense that the effectiveness of our monetary policy is now less reliant on our net asset purchases. Why? As Mario Draghi explained in his press conference, our monetary support relies on three 2/5  BIS central bankers' speeches  elements: monthly net asset purchases, the stock of acquired assets and forthcoming reinvestments, and our forward guidance on interest rates.
In particular, we have now purchased so many bonds that the impact on financial conditions of this very large stock of bonds is sizeable, meaning that we can buy less month after month without jeopardising the effectiveness of our purchases. Could you explain that in a bit more detail? There are several reasons for this.