The aim is to avoid a situation where the lasting vulnerabilities that the pandemic has left in the euro area economy result in our monetary policy normalisation being transmitted unevenly across countries.
You also need to look at the flows in and out. On to monetary policy. Inflation has been dipping since October. Which we projected. So, nothing surprising. You wouldn’t say we’ve been overly dependent on quantitative easing? This is a little too much of a link to QE. We expected a dip in the inflation ratio.