But of course it remains to be tested. What does that mean? Cœuré: Our forward guidance should protect the euro area economy along the whole recovery path. If the Fed – as intended – starts tapering the QE, then there will be other developments in the global economy. In that case the guidance will help the euro area economy to be shielded.
This is the purpose: We see the value of the guidance not only in what happened since July. What is more important is what will happen over the horizon of forward guidance, that is, an extended period of time.