Principal redemptions on securities purchased under the PSPP are reinvested by the Eurosystem in a flexible and timely manner in the month they fall due, on a best effort basis, or in the subsequent two months. As in the case of July, the monthly net purchase volume per jurisdiction may therefore fluctuate owing to the timing of these reinvestments.
The way I see it, the role of a central bank governor has a lot in common with that of a musical conductor, who leads people from different disciplines to create beautiful harmonies that add up to masterful symphonies. Of course, there were times we heard some discordant notes.