We ensure an unchanged stance of monetary policy. This is why the liquidity supplied is immediately being absorbed again in its entirety. We have to do whatever we consider appropriate in order to ensure price stability. If we always listened to the criticism directed at us by politicians, social partners and financial pressure groups, we would be unable to fulfil our mandate.
FAZ: What does the functioning of the market for Greek government bonds have to do with the functioning of monetary policy? Trichet: Markets are strongly correlated with one another. A failure in the bond market would have raised doubts everywhere else. Moreover, government bond yields are benchmarks for the financing conditions in the real economy – i.e. for firms and households.