We not only cut rates and moved to a fix rate full allotment mode but also introduced LTROs and changed the collateral requirements, so that a wider range of assets became acceptable in our portfolio. Beyond that, I don’t think you should compare the situation in the euro area with the U.S. or Japan because the underlying factors are different.
You’d think that the banking union would be the easiest of these reforms. What we need most of all here is to introduce a common European deposit insurance scheme, so that the savings of bank customers are protected at the European level if a bank fails. That would further strengthen confidence in the euro, because our money essentially consists of bank deposits.