You can also see this from the very loose relationship between our total purchases of German bonds and the two-year swap spread on the left side of slide 8.
Of course, we cannot rule out that the shift in the maturity composition of our public sector purchase programme (PSPP) since the removal of the lower floor for purchases – and the associated change in the market’s expectations of the future availability of short-term bonds – have accelerated the fall in rates at the front end of the curve in recent weeks.