The strength and robustness of the growth rate today in the euro zone shows that our measures have been working. It’s fair to say we now see our monetary policy measures fully unfolding. We said it would take time for policy to fully pass through to each and every part of the euro zone economy, in particular across countries. We’re seeing this now.
However, I see a need to broaden the scope of the existing macro-prudential policy toolkit in general and also to broaden the toolkit available to the ECB in particular. One reason is that macro-prudential policy should become a fully effective policy to smoothen the financial cycle.