This increases the relative share of our purchases in the market, and therefore the impact of those purchases per billion euro spent. In other words, a slower pace of purchases today can have an equivalent effect on yields as a higher pace yesterday.
Moreover, as the stock of bonds rises, our reinvestment needs rise in tandem and we have to increase our gross purchases – that is, our net purchases plus our reinvestments; and do that in an environment of lower new borrowing in most euro area countries.