And when more normal economic conditions return, consolidation efforts will need to be substantial. Just how substantial these efforts need to be can be illustrated by way of a simple, numerical example. Let us assume that the current projections of the European Commission until 2010 turn out to be correct.
So, while I would not deny that the low interest rates pose some challenges for financial markets and financial institutions, these challenges are not the result of monetary policy, but they are the result of structural problems in our economies. The present stance of monetary policy is actually also a side effect of the prevailing business conditions.