Let me emphasise here that, in order to judge the liquidity situation in the economy, one should look not at the central bank’s balance sheet, but at the aggregated balance sheet of the euro area banking sector. ECB liquidity is a very special form of money.
We have also been averse to readily accepting new responsibilities not because we cannot or do not want to but because we should limit ourselves to achieving the best in our core functions rather than the “next best” in undertaking too many roles and tasks.