The uncertainties in the economic analysis were – with the results of the monetary analysis – the main elements of our discussion at the last meeting of the Governing Council of the ECB. Were you in favour of a rate cut?
What happens is that I, as chief economist, present the macroeconomic and monetary data at the beginning of a Governing Council meeting and make proposals for decisions. Then the discussion starts – it’s not all black and white – and at the end, after all arguments have been exchanged, a consensus is formed. What were the arguments for a key rate cut?