Under the quantitative easing policy, the Bank conducted monetary policy in line with a commitment based on the CPI. The commitment was unprecedented in that it linked the conduct of monetary policy directly to a specific economic indicator, namely, the CPI.
On other measures the discussion is still ongoing and the jury is out. I recognize that seen from far away, it’s sometimes difficult to understand what’s really going on in Europe. It’s difficult to follow the debate, to forecast the outcome. This is perfectly understandable. As in all democracies decisions are preceded by intense debates.