This initiative, therefore, places higher responsibility on us to contribute in steering policy dialogue and implementing the agreed recommendations that would emerge from such deliberations. It places ownership and makes coordination and implementation easier as all stakeholders are in agreement. 3.
In my view, it would be fair to assume that the Bundesbank results provide a lower and upper bound for the size of the effects of our asset purchases - with respect to both output and inflation. But they also demonstrate vividly that the exact size of the effect is highly uncertain.