Yes, but monetary policy also works via the signalling channel and in this case it works very effectively and quickly. Now we have to wait and see how the other channels work. However, the decision on QE certainly came at the right time. Because the economy of the euro area was at a turning point, not least because of cheaper oil?
Nout Wellink: The Bank - a hybrid legal organisation Speech by Dr Nout Wellink, President of De Nederlandsche Bank and President of the Bank for International Settlements, at the conference “Role of Money in Private Law” organised by the Marcel Henri Bregstein Foundation, Amsterdam, 1 November 2002.