These expectations are akin to asking “how much would my effective purchasing power go up if I buy JGBs?” They also can be viewed as equivalent to borrowers’ expectations regarding their real costs of borrowing, taking into account price changes, when they borrow money at a certain nominal interest rate.
The position of the ECB is settled. It is settled for fundamental institutional and legal reasons – and I would like to clarify that there is no lack of good faith on our side.