Today, the stock of securities acquired under the APP has reached such a sizeable level that our 2/5  BIS central bankers' speeches  reinvestment policy is sufficient to ensure the degree of continued duration extraction needed to keep a lid on term premia.7 Keeping the stock of securities constant also contributes to maintaining favourable liquidity conditions.
I think that monetary policy has some role to play in strengthening the economic fabric. As the central bank, we have a responsibility not to hit weak sectors such as households and SMEs too hard by raising interest rates.