As a result, the Governing Council decided to recalibrate the APP. From January 2018, net asset purchases under the APP will be reduced from a monthly pace of 60 billion euro to 30 billion euro. The ECB Governing Council pointed out that this recalibration is due to improvements in the economic and monetary environment in the euro area.
As far as alleged shortages are concerned, let me emphasise that, since the inception of the PSPP, the Bundesbank has never faced and does not face difficulties in purchasing the intended amounts of German government bonds on the secondary markets.