That being said, bond purchases can undoubtedly be a legitimate and effective monetary policy instrument. That’s why ongoing assessment, which must cover the impact and potential side effects of any action taken, is also required here. Even in times of crisis, monetary policy depends on selecting the right yardstick, choosing appropriate instruments and designing programmes cleverly.
This can certainly result in assessments that vary in terms of detail. When deciding on the PEPP, it was particularly important to me that it have a time limit and be explicitly tied to the crisis: the emergency monetary policy measures must be scaled back when the crisis is over.