But it is very clear, too, that we operate in an environment that is also influenced by other actors and not solely by us. Other stakeholders have to do their work too. Were a decision taken by the Governing Council, perhaps against your better judgement, to restart APP, how long might it run for, and what level of purchases might we be looking at?
Again, I do not see a need for a re-start. I was talking to someone the other day who said that a rate cut of 10 or 20bps is far less 2/3  BIS central bankers' speeches  important than the forward guidance... I could agree. 3/3  BIS central bankers' speeches