And as reserves reach durably ample levels, we intend to slow the pace of purchases such that our balance sheet grows in line with trend demand for our liabilities.
Only then can we avoid national bias in the regulatory and supervisory treatment of banks; only then can we improve risk-sharing in the euro area; only then can we ensure a level playing field where the general principle of “same business, same risks, same rules” applies; and only then can we guarantee a proper transmission of monetary policy.