In general, there must be a system where the citizens will go back to trusting each other and where governments are trusted on fiscal discipline and structural reforms. Once the firewall is in place with the EFSF, perhaps as soon as the beginning of next year, might you actually stop the SMP (securities market programme)?
We have not discussed a precise scenario for the SMP. As I often said, the SMP is neither eternal nor infinite. Let’s not also forget that the SMP was initiated with the view to reactivating monetary policy transmission channels. So as long as we see that these channels are seriously impaired, then the SMP is justified.