There are some important lessons we can learn from the experience of quantitative easing in Japan: •  To begin with, it cannot be taken for granted that an increase in the monetary base results in easier monetary conditions. In fact, the money multiplier has significantly decreased during the last decade.
Question (translation): President Duisenberg, the euro euphoria over the past few days must be satisfying to you, but is it not also reason for some concern because, in the long run, as you know, confidence in a currency is something that is difficult to build up.