There are two schools of thought among the critics on the Council. Some say they’re unnecessary because the economic situation isn’t that bad at all. For instance, they don’t regard the development in inflation expectations as being so dramatic.
Others say that, because of the special nature of a currency union, such asset purchases should only be used if we are in a deflationary situation. This point can be discussed at length. A large majority of the Council members, which includes me, think that if you deal with that only in the extreme circumstances of deflation then it’s too late.