That, I have to say, explains to a large extent why we are anchoring solidly inflation expectations. I would say the sequence is: independence, which is crystal clear and undisputed, triggers credibility, which in turn triggers the solid anchoring of inflationary expectations and permits us to deliver price stability. That is why we are so profoundly attached to independence.
But we must assess whether, with the weakening of the economy, the current stance is still sufficient to counter the headwinds which could obstruct a return to medium-term price stability. Should we believe this not to be the case, we will examine how it can be enhanced to achieve our policy objective.