Chart 5 Euro area real and nominal rates  11/19  Source: Bloomberg. So we should not hesitate to increase the volume of purchases and to spend the entire PEPP envelope or more if needed. In this way, we can prevent a tightening of financing conditions which would otherwise lead to inflation remaining below our aim for longer.
And if that happens, ladies and gentlemen, I will be inclined to believe that we are living in the middle of a global economic meltdown. At this point, let me walk you through a meltdown that happened quite recently in the largest economy in the world: the financial meltdown of 2008–2009 in the US.