And it gives reassurance that the liquidity injections will be scaled appropriately to ensure the intended macroeconomic impact, namely to bring inflation rates closer to 2%, materialises. This reassurance provides market participants with a broad orientation on our future policy conduct that will help them navigate the uncertainties inherent in the current policy environment.
This is all the more important since the TLTROs and the two purchase programmes are likely to gain pace only gradually. All in all, it should thus be clear that the balance sheet communication does not establish an additional target for monetary policy.