And it’s liquidity provision which, as you know, was part of the discussion yesterday, even though, here again, it’s way too early to take a decision. Benoît Cœuré, talk to me about TLTROs. We heard from President Draghi yesterday that the ECB will need to have a good monetary policy case to offer a new round of long-term loans.
The market is reading this as actually this is now less likely. Was that the message? No, the message is: there are different contingencies and we need to find the instruments, which one is best fitted to the contingency we’re seeing. TLTROs are about credit, right? It’s not about providing liquidity per se.