The swings in these areas have not only been large, but also unpredictable and unanticipated. Thus, we have seen a large number of currency crises, for example, in Mexico, Russia, East-Asia, Brazil and currently Argentina, Turkey, and emergence of currency pressures in Brazil and Paraguay again.
Yes, we have room left to act. The deposit rate could be negative, for example. That’s at least a possibility depending on whether the underlying factors we observe would call for this sort of measure. Different instrument are available to us. They include, for example, the suspension of the sterilization of the Securities Market Program or an LTRO with a more targeted approach.