Under such conditions, and I have said this time and again, we would not be able to deliver what everybody expects us to deliver: price stability over the medium term. So, we have to help avoid such conditions. SZ: How serious is your threat? It is hard to believe that you would stop buying bonds and let Spain or Italy plunge into disaster.
Draghi: If a given country does not comply with conditionality, the ECB cannot improve the monetary policy transmission in that country. Any attempt to do so in such a situation would be ineffective because it would be offset by the country’s policy failure. SZ: Why didn’t you make it mandatory that ESM/EFSF first buy bonds on the primary market before the ECB steps in?