Finland was not really seen as a part of an optimal currency area with the rest of the eleven countries. We had our own, rather idiosyncratic business cycle. Would the common monetary policy exacerbate cyclical volatility in Finland? The second angle is one of crisis management.
I think that the implications to be drawn from my questions are self-evident. I now turn to the context of the 2015 decision to launch the PSPP. The economic backdrop was alarming. Inflation had been in negative territory and the threat of prolonged low inflation — or deflation — was rising. Why was that a concern?