But, in fact, the operations primarily involve public sector bonds, which represent over 80% of purchases carried out thus far. There is a lack of liquidity in the economy and this problem will become increasingly acute. These sales on the financial markets are aimed at selling bonds to obtain liquidity.
I am obliged to be boring: we have all the necessary tools, we are using them decisively and are able to do even more. At present our monetary policy operations ensure unlimited liquidity for the banks. Liquidity stress could emerge among non-bank intermediaries.