*  *  *  After the second ECB rate hike, you repeated that monetary policy was still accommodating. At what level do interest rates become neutral, i.e. when they neither stimulate nor brake economic activity. When I reported on the decision of the ECB’s Governing Council to raise the interest rates I said that our decision reflected our assessment at that time.
It is still our assessment. Our assessment is clear. We did not decide ex ante a series of monthly increases of rates as has been done by other central banks. The Governing Council assesses the risks to price stability and does what is necessary to counter these risks when they increase. We do not refer to the notion of a theoretical “neutral rate”.