Should the inflation outlook get worse, we will immediately take preventive steps. And look at the facts, they speak for themselves. Since the founding of the ECB the yearly average inflation rate has been better than in any comparable period prior to the euro. BILD: In two moves, the ECB has put almost € trillion into circulation. That’s inflationary, surely?
Draghi: The banks to which the ECB has lent the money have, by and large, not fed this into the economic cycle but have used it to meet old liabilities. So the money in terms of inflation has, so to speak, been neutralised. This action is not inflationary.