Unlike relations with private borrowers – where banks have significant informational advantages compared to other creditors – there is no privileged information on the debt of a nation. As a consequence, I fail to see the reason why the financing of states should not mainly be a matter for the capital markets.
The policy clearly differentiates itself from the gradualism or incremental approach adopted in the past. Besides, the Bank is committed to continuing with quantitative and qualitative monetary easing, aiming to achieve the 2 percent price stability target, as long as it is necessary in maintaining that target in a stable manner.