Answer: The BIS is merely reflecting the debate, particularly the academic debate. Ex ante you are called on not to increase rates. Ex post you are reproached for not having done that earlier. So, again, we will continue to do what is necessary. Our responsibility is very clear: to ensure price stability and be credible in ensuring price stability.
Thank you for giving it to France 2 and Télématin. French people knew you as the Minister of Economy and then as Managing Director of the International Monetary Fund (IMF). And now, as head of the ECB, you have an even more powerful role and the financial markets scrutinise everything you say. Do you have to weigh every word?