So, June might be the month to decide once and for all to gradually end net asset purchases by the end of this year. But please do not misunderstand me here: I am just referring to the net purchases. There is still the stock of assets we have already bought. And we will still reinvest any proceeds from maturing bonds.
Just to put it in perspective: each month we buy assets worth € billion. This compares with a stock of assets worth € billion. What I want to say is this: even when we end net purchases, monetary policy will still be extraordinarily accommodative. And, at the same time, other tools will remain in place.