Following the restart of the APP, Philip Lane said recently that the question of a shortage of bonds “may not become a problem for an extended period of time, and in any case not for at least as long as we can project bond availability conditions with some confidence.” How long is an extended period of time?
Our calculation is that we have enough time. But there are some who might argue that the APP was only introduced at the level it was € billion per month] because any higher and you run out of things to buy very quickly indeed… I don’t think so.