Although this case study should by no means be used as a  4  BIS Review 48/2004  benchmark but it provides insights to each country as to how much distance they have already traversed in respect of these three dimensions and how much they have to move further. BIS Review 48/2004  5
It implies that while we are looking to affect prices, we do not want to suppress the price discovery mechanism3. That is why a high degree of transparency around the asset purchases and close monitoring of their impact on liquidity and collateral availability are still fundamental pillars of the Eurosystem’s concept.