And this also applies to credit risk. Of course, with the large stock of assets it holds, the Eurosystem has become a big player in the 4/5  BIS central bankers' speeches  market, bigger than ever before.
We sometimes buy bonds from institutional investors, such as pension funds and insurance companies, which could push up the price we need to pay given the growing scarcity. We should avoid a situation whereby liquidity conditions in certain market segments are unnecessarily made more challenging by an unwarranted extension of the purchase programme.