A lot of people are already thinking that the guidance that rates are expected to remain on hold for the first half of 2020 is out-of-date, even though you’ve moved it forward only last week. Does that not blunt two out of three of the policy options you’ve mentioned?
I would like to challenge the view that our guidance has to be aligned with the market at any given point in time. If that were the case, then it would not be needed in the first place. The guidance is a way to filter the view of the Governing Council on future economic developments and doesn’t have to coincide with market expectations.