First, I advise market participants in the euro area to be prepared for the considerations I just discussed – both operationally and from a balance sheet perspective. Second, I believe that, from an economic as well as from an operational point of view, there is no predetermined order when it comes to scaling back non-standard measures.
*  *  *  Madam Chair, dear Members of the ECON Committee, it is a pleasure to be here today and to share with you my assessment of the challenges facing Economic and Monetary Union in the years to come.