Minimising the unintended consequences  As outlined in the introduction, one key principle underlying the implementation of the PSPP is the minimisation of unintended consequences. This can be ensured by obeying the concept of market neutrality of our operations. 8  See the “ESRB report on the regulatory treatment of sovereign exposures”, March 2015.
But if government debt and deficits were actually to grow at the pace envisioned, the economic and financial effects would be severe. Sustained high rates of government borrowing would both drain funds away from private investment and increase our debt to foreigners, with adverse long-run effects on U.S. output, incomes, and standards of living.