What I can say with reasonable confidence today is that, as I suggested at the beginning of my remarks, so far we see no evidence that the current constellation of interest rates bears risks for the smooth functioning of markets, nor to financial stability or the transmission of our policy. The Governing Council will continue to monitor carefully these developments.
Thank you for your attention. 1 See also CGFS (2013), “Asset encumbrance, financial reform and the demand for collateral assets”, Report  submitted by a Working Group established by the Committee on the Global Financial System, Paper No 49. 2 Germany’s role as a financial centre pre-dates the financial crisis.