This is contributing to a financial environment which is, for most of the countries of the euro area, exceptionally favourable, because it incorporates inflation expectations – over five years, ten years, 20 years – that are in line with our definition of price stability. Several countries are issuing securities, issuing bonds, of a duration of 50 years.
It is because we are credible over the next 50 years that they can obtain the favourable financing which corresponds to that. And they know that.