As far as the ECB is concerned, I would like to point out once again that we have acted decisively from the very beginning of the turmoil in August of last year. At that time, when the threat to the liquidity of the financial system first emerged, we provided the system with no less than EUR 95 billion of liquidity within a few hours.
In a situation where the unconventional policy has already been effective to a reasonable extent, accommodative financial conditions are starting to further strengthen as policy effects generated by maintained zero interest rates are gradually added to the effects of QQE.