The market is reading this as actually this is now less likely. Was that the message? No, the message is: there are different contingencies and we need to find the instruments, which one is best fitted to the contingency we’re seeing. TLTROs are about credit, right? It’s not about providing liquidity per se.
There is a lot of liquidity in the system; excess liquidity is very ample in the eurozone. The TLTROs are addressing what we call “impairments in monetary policy transmission” – that is, they are supporting bank credit. We have to know if what we are seeing now is an impairment or is likely to lead to an impairment of bank credit.