If this didn’t work and it didn’t prove to be the panacea, what new tool might you add to your monetary toolbox? Question 2) You have made a big point now and also in the Helsinki speech about the negative rates being important because you have to have a symmetry of expectations.
Since last week, the market has very strongly repriced the expectation of the effective lower bound. Is this a concern; that effectively the market seems to have concluded that really it will not go much lower than that, hence it’s not so symmetric anymore? Question 3) Just a very short one.