Let me now take a closer look at three upcoming decisions: first, the purchase programmes; second, interest rate policy; and third, refinancing.
The purchase programmes are continuing to have an expansionary impact in terms of monetary policy, even if – provided that there are no further substantial changes – the Eurosystem will no 2/6  BIS central bankers' speeches  longer be making net purchases as of January 2019. At that time, bond holdings will amount to around € trillion.