You should not look only at asset prices, such as share prices, but also at the impact on the economy. In Portugal, should we believe that the ECB’s measures will make banks lend more when the demand for credit is so low? In a weak environment, you have growth but credit is still negative year on year.
•  In sum, a fine balance is needed between, on the one hand, inclusive rules and institutions, and, on the other, compensatory transfers.