According to various reports, the ECB has prepared capital controls or IOU contingencies for Greece. Could you comment on these, and under what circumstances would they be applied? Capital controls are not a working assumption. In any case, it would not be up to the ECB to take measures of that sort.
Central banks’ unconventional monetary policy was, above all, an emergency measure. With these measures coming to an end, we are now asking ourselves what the next – hopefully stable – phase will be like. In the academic and political discussion on future monetary policy, these questions include: what monetary policy strategies will be employed? Which monetary policy instruments will be used?