Can you understand that these large sums make many people feel uneasy, and lead them to wonder if they will one day have to foot the bill? It is important to explain things well. That’s why the media are so important. Only we are worried too, unfortunately. The net inflow from the first three-year tender, at a good € billion, was not that high.
There is no sign of inflationary tendencies in the euro area, quite the opposite. And if there should be any sign of future inflation, we have the instruments with which to absorb the liquidity again within a short space of time. But with the longer-term refinancing operations, the ECB also relaxed the collateral framework.