But didn’t we reach that point a while ago, according to some commentators from Rome or Paris? There will always be atavistic reactions. But I do not want to overstate them. We at the ECB have no exchange rate target, and we don’t even use the exchange rate as an intermediate target. We are aware that it plays an important role in inflation.
That’s all. Let me stress that it would be a mistake to regard the exchange rate as an instrument of general economic policy. The QE programme is currently designed to come to an abrupt end between September and October 2016. The Federal Reserve has been finding out how difficult it is to exit and has been tapering its purchases.