BIS central bankers’ speeches  3  The fourth channel of transmission of the new unconventional monetary policy, which is specific to the asset purchase programmes, operates through portfolio rebalancing. By means of its purchase programmes, the ECB exchanges longer-term and relatively less liquid assets for very short-term and highly liquid central bank money.
To ensure price equality, they committed to performing the so-called switch transactions – exchanging one bond for the other. Central banks worldwide also took action. Some central monetary institutions have already adjusted their strategies and goals (and many are planning to do so).