The knight in "La Belle Dame Sans Merci" describes the dream he has towards the end of the poem, but the entire experience seems like a dream. Where does the dream really begin? Could the knight and his story just be a dream that the speaker is having? Are they in the real world, or in fairyland? What is real and what is fantasy in this poem?
By echoing the original speaker almost word-for-word in the final stanza, the knight suggests that the sequence of events described by the poem is a self-perpetuating cycle.
The frequent repetition of images and particular words in "La Belle Dame Sans Merci" creates the impression that the poem is the dream of the unnamed speaker.