Is this, do you think, your most important contribution, rather than lowering interest rates or providing more liquidity through another longer-term refinancing operation?
In general terms there are three reasons banks don’t lend: a lack of liquidity – and that is not the case on average in the euro area today, with the banks repaying the two three-year LTROs; a lack of capital, which cannot be addressed by the ECB but is a matter for bank shareholders and, if that is not possible, fiscal backstops; and heightened risk aversion.