So we still have the option to be more expansionary, but currently the probability of us having to provide more monetary accommodation to meet our objective has reduced considerably. What stage has Europe reached in the process of banking union? We are just over half-way along the path to banking union.
There is a need to distinguish between the area of regulation and supervision, where we have made great progress, and the field of crisis resolution, i.e. what to do when a bank fails, where much remains to be done. What do you mean by that?