What’s more: the larger the part of the debt that central banks withdraw from the market, the less markets will exert their disciplining forces, sanctioning unhealthy public finances with higher risk premiums. This is all the more worrisome as the low-interest-rate environment offers few incentives for governments to consolidate their budgets.
Yes, but that’s because you didn’t announce much. Is there a danger that when you do announce something a little bit more substantive that the markets go haywire? Well, we did change our communication, and that was a significant change, and the market understood very well, I think.