Then, the interaction between the horizon of the purchase programme and rate forward guidance becomes more important. Let me illustrate this point by referring to our own experience of buying assets.
The intensity reached a level that, at the end of the day, could even have a bearing on the very independence of central banks – which I consider a precondition for a stability oriented monetary policy. At the same time, many people are beginning to wonder: how long will inflation stay so low? Or, to put it more bluntly: has inflation gone for good?