Some members of the Governing Council have argued for a specific end date of the purchases. Why have you opted against that? Most members agreed that we need flexibility on the end date because September 2018 is still far away, and many things can happen in the global economy between now and then.
But there is a growing sense that the effectiveness of our monetary policy is now less reliant on our net asset purchases. Why? As Mario Draghi explained in his press conference, our monetary support relies on three 2/5  BIS central bankers' speeches  elements: monthly net asset purchases, the stock of acquired assets and forthcoming reinvestments, and our forward guidance on interest rates.