We have not changed our monetary policy stance: we have maintained the present level of interest rates which is, in our view, appropriate; and we have not embarked on more ample liquidity conditions. Precisely in order to guarantee that the stance remains unaffected, we sterilise our interventions, as I have explained. The Securities Markets Programme should not be confused with quantitative easing.
Did this monetary policy strategy prove to be a success in the first five years of its existence? Has confidence in the ECB’s ability to fulfil its mandate strengthened? Of course, one measure would be to look at developments in the HICP.