We believed that doing it at that moment would put us back onto a growth trajectory, reducing the risk of the de-anchoring of inflationary expectations.
It’s a combination of circumstances that we hope will help to support the economic recovery: the low price of oil, better financial conditions including the currency, a more neutral fiscal policy, and also the benefit of structural reforms in some countries. These effects are visible in Ireland, Spain and Portugal, where – although painful – reforms have created the basis for a solid recovery.