However, in order to exert an influence on agents’ decisions which affect prices and inflation, the ECB has to start from the top of this chart and try to reach out to the bottom. The path that connects the two extremes – starting from the policy interest rate that the ECB controls through its monetary policy operations – is long and convoluted.
I expect the same from your end, particularly when it concerns programs that will benefit the financial system in particular and our economy in general. I will be the first to say that we have done a lot to strengthen our banking sector. This has been validated and repeatedly acknowledged here and overseas.