Then also, and connected to those points: in terms of the mix of activity in the European economy, one thing the ECB has been highlighting is that, essentially, at this point after a very difficult period of rebuilding public finances, in terms of the support that could be provided by fiscal policy to a more balanced European economy, that this requires a big conversation among fiscal policymakers and, by extension, among the electorates about the role of fiscal policy in the European economy.
It has been said quite a bit by a number of central bank governors and within the ECB, there’s a limitation to what monetary policy can accomplish when you have slowing growth. What would you say are those limitations? Because at some point, QE has to end. Is there a plan for that? That’s not going to go on indefinitely, is it?