In that context, the procedure for exiting from our purchase programme is linked to a precondition: that inflation moves into line with our objective in a sustainable way. We have become more confident that inflation is on the right track. So it’s only a question of time until we reach our goal.
However, as we move in that direction we still need an expansionary monetary policy. But that does not mean that our specific monetary policy measures have to remain completely unchanged. The gradual exit from the purchase programme is confronting us, however, with certain problems: on the one hand, a too abrupt ending could lead to excessive market reactions.