A combined exercise would help banks, market participants and regulators to assess the system-wide consequences of banks’ reactions to situations of stress, which would complement the information retrieved from the microprudential stress tests.
Last November, for example, we did not wait. We saw that the inflation path was lower and we acted and, as a result of it, the credibility of our forward guidance became stronger. What we do not see, frankly, is deflation. Inflation expectations are firmly anchored in the medium term. Why are low prices a risk if inflation expectations are so well anchored?