In a financial crisis it is the large swings in correlation that are of key importance and using a model that does not allow for such changes is of limited use.
This, in turn, still requires a very ample degree of monetary policy accommodation. With this in mind, we will decide later this year on a re-calibration of our instruments that maintains the degree of monetary support that the euro area economy still needs to complete its transition to a new balanced growth trajectory characterised by sustained conditions of price stability.