We are likely to be less tolerant if monetary conditions change very rapidly, and appear to be building some momentum, without any obvious explanation in terms of overseas exchange rates or changed prospects for inflation.
To the extent that our asset purchases have contributed to this development, the reduction of our 7/8  BIS central bankers' speeches  monthly purchase pace from € billion to € billion as of today will provide some relief. At the same time, increasing liquidity in the hands of investors without access to the deposit facility will continue creating demand for safe assets.