Does the ECB have to make some adjustments in that respect? First of all, I’m very glad you asked me about the exit. Many others are only focusing on what else the ECB can do. We still have a lot of persuading to do. But of course you have a point, we absolutely have to avoid “cliff-edge” effects.
2  Kehoe and Ruhl (2010) demonstrate that welfare from foreign trade in Mexico has increased more than the real GDP data indicate. See Kehoe, T. J. and K. J. Ruhl, (2010), “Why Have Economic Reforms in Mexico Not Generated Growth”, Journal of Economic Literature 48(4): 1005–1027.