Some economists have calculated that, with new purchases of € billion each month, you will already reach a limit, primarily in Germany, after less than a year. According to our calculations, this 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.
It is important to keep in mind that the forecasts depend on many parameters you assume. One of these is the price elasticity of those investors who hold the bonds in the private sector. Building on past experience, these investors have proven more willing to sell, even in response to relatively small price adjustments, than we had anticipated.