So it’s basically saying the size of the reaction is the same, whether we’re below target or above target, which I think needed clarifying, because given the price stability definition is zero to two, we kept on seeing people interpreting our inflation aim as asymmetric, because they confounded the aim, which was below but close to 2%, with interpreting some kind of hard ceiling there, too, which is not the case.
It was their own money – or their close business partners' money – that was lent. That gave them an incentive for sound risk management. They were focused on behaving in such a way that their good names and reputations and their wealth were not jeopardised. That is no longer the case.