To be sure, this would not necessarily remain true if the deposit facility rate were to be set at significantly lower levels. But this is why I have said elsewhere that we would not take it to absurdly low levels.
Nonetheless, in particular with regard to macro-prudential supervision, there is still some conceptual work to be done. Work on a well-equipped toolbox of instruments, for example; instruments that might not only address banks, but also other financial market participants. Conclusion Ladies and gentlemen, following this digression, let me be clear on one thing: preserving financial stability is truly a Herculean task.