While the purchase of risk assets such as ETFs and J-REITs is an extraordinary measure for a central bank, the aim is that this will act as a catalyst for market participants to take a more  BIS central bankers’ speeches  5  active investment stance, thereby helping to smooth the intermediation of risk money and further improve firms’ funding conditions. 2.
Accordingly, at our last meeting the Governing Council decided to maintain the significant monetary policy stimulus in its present configuration and, in line with the conditional plan announced at our press conference in June in Riga, to reduce the monthly pace of net asset purchases to € billion from October until the end of the year.