Is that the beginning of the exit from the trillion euro programme? No. We want to continue the level of monetary policy support that we have been administering to the European economy so far. So, what would have to happen for you to be prepared to exit?
It would have to be apparent that there was a sustained convergence in the rate of inflation towards our objective of below, but close to, 2% over the medium term. That can change quickly. In the financial markets it is expected that the US economy will receive a boost because Donald Trump wants to reduce taxes and increase public spending.