This has been communicated by the ECB and it should be taken for what it is: a strong commitment. But to construct out of this already individual measures, that is speculation. Why has the situation changed since December? You highlighted a lot of positive things in the economy. There are several factors which have intensified.
One is the oil price, which since December was at one point down close to 40%, now it’s only 20%. That is something to assess – the volatility – whether you look through it or whether there is a risk of it becoming entrenched. The second is China and other emerging market economies.