In the forward guidance we said: we expect the interest rates to be low or lower for an extended period of time, and well past the horizon of our net asset purchases, which currently have an horizon to at least March 2017. Can I ask you about what’s left in the toolbox? Could we see “helicopter drops”?
There has been a lot of skepticism recently about monetary policy, not only in delivering but in saying “your toolbox is empty”. We say, “no it’s not true”. There are many things you can do. The question is what is appropriate, and at what time.