3/4  BIS central bankers' speeches  Note that tapering net purchases isn’t about scaling back the high level of excess liquidity that has been built up as a result of asset purchases and – mainly targeted longer-term – refinancing operations. It’s about curbing the growth rate of central bank money or, in other words, slightly reducing the monthly amounts additionally provided.
Taken by itself, tapering net purchases is not a restrictive monetary policy tool. Quite the opposite: as long as additional net purchases take place, the already accommodative monetary policy is loosened even further. And even if net purchases were discontinued, monetary policy will remain expansionary.