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. again, the allocation of purchases across countries is clearly rules - based. temporary deviations are due to various – in part, even overlapping – technical reasons. these deviations reflect the fact that we want to be as market - neutral as possible in our monthly purchases. on a side note : another instrument to support market liquidity is the eurosystem ’ s securities lending. bonds purchased under the pspp have been made available since 2 april 2015, while bonds purchased under the other programmes were added to the framework later. 2. 3 no rewriting of the rules whenever compliance would impose any kind of restrictions ladies and gentlemen, so far, i have explained to you what it means operationally to ensure a smooth implementation of the pspp. namely, to achieve the intended purchase volume and at the same time to minimise as far as possible negative side - effects on market functioning. but it is equally important to consider what a smooth implementation of the pspp does not mean. namely, to rewrite the rules whenever compliance would impose any kind of restrictions. apart from the detrimental impact this would have on our credibility and reputation, adherence to our monetary policy mandate is at stake. for instance, there has been talk of the flexibility of the issue share and issuer limit, and of abandoning the capital key as a reference value for the allocation of the overall purchase volume to bonds issued by euro area member states. the limits relating to issue shares and issuers are important to prevent an awkward situation from arising given that the eurosystem has a crucial role in any sovereign debt restructuring that may be deemed necessary. the eurosystem would have to make use of its blocking minority in order not to violate the prohibition of monetary financing. as i mentioned earlier, by using the ecb capital key as a reference value, the eurosystem intends to avoid the moral hazard that could arise as a result of purchasing a disproportionately large amount of bonds issued by highly indebted governments. it is quite obvious that changes to these parameters – which the ecb governing council has set itself for good reason – would take monetary policymakers deep into the realm of fiscal policy. government bond purchases blur the line between

jens weidmann : opening – “ building a dialogue. two corporate collections of contemporary art ” opening by dr jens weidmann, president of the deutsche bundesbank and chairman of the board of directors of the bank for international settlements, of the joint art exhibition of the deutsche bundesbank and the national bank of belgium " building a dialogue. two corporate collections of contemporary art ", brussels, 16 may 2019. * * * ladies and gentlemen, art lovers and friends of the central banks, dear pierre, it gives me great pleasure to join you here today in opening this exhibition of artworks from the collections of the national bank of belgium and the deutsche bundesbank. i must say, this is an impressive and exceptionally pleasing space for an exhibition of this kind. we jumped at the chance of sending exhibits from our collection on a journey to brussels, to our friends at the national bank of belgium in the capital city of europe. it ’ s a premiere for us – never before have we shown our works outside germany. many are the areas in which the national bank of belgium and the bundesbank can look back on a rich history of cooperation : indeed, our collaboration stretches back to the days when we each still had our respective national currencies – the belgian franc and the deutsche mark – and our partnership is just as close today in the era of the single currency, the euro. not only do pierre and i see each other every two weeks on the ecb governing council and also in places like basel – there are a great many colleagues from our respective institutions who work hand in hand in eurosystem committees and working groups. and i am particularly delighted to now see that the curators of our art collections have also teamed up to organise this outstanding exhibition. they have brought together large - scale paintings, photography and all manner of sculptures. all the works on display here are taken from the collections of our respective institutions. both the national bank of belgium and the bundesbank have been avid collectors of art for many decades now. over the years, we have each gathered quite sizeable collections which shed some light on how art has evolved in belgium and germany. but why do central banks collect art in the first place? there are two reasons for that. first, because we ’ re looking to engage with society at large. as public institutions, we have a sense of commitment to the arts and culture in our respective countries. second, we also feel that it is crucial to incorporate art