One of the biggest problems was that the architecture of the euro area was not yet complete. We simply did not yet have all the institutions that are needed for quick and effective crisis management. The euro area already had important principles, such as the no bail-out clause, the prohibition of monetary financing and the no-exit clause.
II. Conduct of monetary policy  A. Introduction of “Quantitative and Qualitative Monetary Easing” (QQE)  1. Framework of QQE  Next, I would like to turn to the Bank’s conduct of monetary policy.