Only that makes it possible for people to buy property or to save or invest. You approach monetary policy as a member of the ECB’s Executive Board and Governing Council. When will the ECB start to unwind its monetary policy? The expansionary monetary policy has both advantages and side effects. As time passes, the positive effects get weaker and the risks increase.
So it’s important to prepare for the exit in good time. What’s crucial in that context is a stable trend in the rate of inflation towards our objective of just under 2%. It’s not quite there yet. Still, we need to address the issue: how should the return to normal monetary policy be arranged?