It is highly likely that the US Federal Reserve System will increase its rates in December. That possibility has already affected the euro-dollar exchange rate. Could that exempt the ECB from taking action? Our discussion does not hinge upon the decisions of the Federal Reserve System. And I would remind you that the exchange rate is not a monetary policy objective.
Our decision will be based on the development of the situation in Europe, which can of course be influenced by a change of direction by the Fed. However, like the changing price of oil, this is something we don't have control over. European banking supervision, under the authority of the ECB, has got off to a good start.