In 2004 I had calls during the same week from the heads of three important countries, economically speaking, in Europe, calling for rate decreases. As you know, we did not act on that. We maintained our rates at 2% because we concluded that it was necessary to ensure price stability and be faithful to our mandate.
A better set of arrangements needs to be found, so that taxpayers are not always drawn into troubles in financial institutions. It would be a mistake, however, to reject completely the idea of the public sector using its balance sheet during a period of financial stress or crisis. Indeed, in some situations the public sector can play an important stabilising role.