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But doesn't the new programme force losses onto national central banks? How is that compatible with a single monetary policy?

It is true that in the new programme some risks are not shared across the Eurosystem but remain with the national central bank. The ECB is committed to the principle of risk-sharing, and that's why 20% of the purchases fall under the regime of full risk-sharing. But the decision also mitigates concerns about potential unintended fiscal consequences.

It is the Governing Council which, in accordance with the Statute of the ESCB, decides the way in which and the extent to which losses incurred by national central banks are shared within the Eurosystem. Internal loss-sharing mechanisms in no way undermine the singleness of our monetary policy. All national central banks and the ECB participate in the asset purchases. There is one global amount and the purchases are coordinated centrally by the ECB. They are calibrated to maintain price stability in the euro area as a whole, and they take into account the unique institutional structure of the euro area, where a common currency and single monetary policy co-exist with 19 national fiscal and economic policies. Precisely because our arrangement takes into account our institutional structure – because it is tailored to the specific measure – it ensures the highest degree of effectiveness.