How exactly will that be done in practice? The principle is that we take a market-neutral approach. In December we will discuss the guidelines for our reinvestments. You have said that forward guidance on monetary policy will become the ECB’s most important instrument in 2019. This will also increase dependency on the markets. How long will this go on for?
One final point is especially important in my eyes: we have to tackle these challenges rather sooner than later. Some may feel comforted by the fact that populist parties performed less successfully than expected in the Dutch and French elections; but this is no time for complacency. Populism is not a mere short-term electoral challenge. It has a strong base among economically frustrated individuals.