Across those rates of models, we’re convinced that this will have a sufficiently significant positive contribution to inflation. It makes sense to do it. Coming back to the diminishing returns, everyone agrees: QE has a different mechanism when there’s a financial crisis.
Whether it’s the Fed’s purchase of mortgage-backed securities during the crisis, whether it’s the 2014/15 intervention in the euro area, when there were a lot of frictions in markets, clearly that mechanism had a powerful effect because you’re getting rid of frictions.