Current weekly purchase volumes far exceed the levels we have implemented over the lifetime of the APP so far, even compared to the period when purchases were running at a monthly pace of € billion in 2016. And the Eurosystem has been using all the inbuilt flexibility of the programmes, not only over time, but also across jurisdictions and market segments.
As uncertainty over the depth of the shock will start to fade, our purchases will contribute to crowding in other private and public investors, thereby reducing liquidity premia and restoring orderly trading conditions. In this way, our measures offer an important bridge into hopefully better times.