But the mapping of our measures to the overall economy and to inflation does depend on what’s going to happen and the decisions made in terms of setting fiscal policy now. I don’t think it’s anything like a deep philosophical issue. Of course, there’s lots of debates going on in the world about monetary-fiscal interactions. It’s much more confined than that.
I’m dying to ask more but I know there’s lots of frustrated people wanting to ask questions! I’ll take a few. Question 1) You’ve done ten basis points of rate cuts. You’ve done € billion of QE. That’s in the context of 350 to 500 basis points of rate cuts and € trillion of QE. Some people might argue that’s tinkering at the edges.