The rate of –0.2% was already having an effect. That is now being reinforced. Switzerland is already down to –0.75%. There’s no comparison at all. The euro area has a much larger internal market. The exchange rate is an entirely different matter in Switzerland. We are working for the euro area.
At the moment, though, it would seem that the ECB has reached the end of the road with its measures. We have certainly not used up all our powder. In theory, much is still possible. We can step things up at any time if necessary. We still have weapons and ammunition left. BIS central bankers’ speeches  1  What would they be?