We will operationalise this principle by ensuring a high degree of transparency around our interventions and by closely monitoring their impact on liquidity and collateral availability. Transparency Transparency plays a crucial role in the successful implementation of the PSPP.
It has been a key element in other jurisdictions where large-scale asset purchases have been introduced, and it is likely to be even more important in the euro area. This is because we are facing the task of communicating our actions to market participants in 19 different countries with heterogeneous market structures and investor clienteles.