So if you like the main conclusion of my talk today is that we should be confident that even under these conditions the ECB has the policy measures to allow it to respond to shocks to the economy, shocks to inflation.
Being a central bank is a very powerful institution, the ability to influence financial conditions is quite extensive and so we should be confident about the effectiveness of our policies at the ECB. Do we have to accept these negative interest rates looking forward? I think we should view this as a temporary measure.