If these expectations are not fulfilled, they experience a shock. And there was a risk of that occurring in the euro area, because deflation means less growth and lower income. The ECB is doing all this solely for the benefit of crisis countries, i.e. Italy and co. No, we work for the euro area as a whole.
We have attempted to achieve our goals through low key interest rates, through purchases of covered bonds and through favourable loans to banks. All that has helped, but not to the extent desired, nor did it achieve what was required. That is the reason why we will now start purchasing government bonds.