The programmes that we have put together are all characterised by their capacity to be used with the necessary flexibility. However, for the first time you mentioned a cut in the ECB’s bank deposit rate and you said that “things have changed” since you had stated that –0.20% was the minimum lower bound. Can you explain what has changed?
But when the crisis hit, the Fund was seen as the natural choice to be the fire fighter: to respond rapidly to help countries meet their financing needs arising from the crisis. The Fund stepped up to the challenge and reformed itself in order to respond to the needs of its member countries more effectively and in a more flexible manner.