And then when it comes to possible instruments, the Governing Council has been clear already that if anything additional had to be done, this would be about changing the pace and composition of our asset purchases, meaning that we don’t see scope to cut interest rates further. We are at the lower bound in terms of interest rates.
As a result, in recent several years, fiscal conditions have deteriorated rapidly. In Italy, fiscal deficit has become chronic as the government has been supplementing a decline in domestic industries’ external competitiveness with fiscal support. Against such a backdrop, with a bloat of government debt outstanding, the market has been concerned over weakening of the economy’s growth potential.