That would be so if, in addition to interest rate adjustments, there were not also other measures which, ultimately, can be used to influence the rate of inflation and economic growth. We will come to the other measures in a moment.
Staying briefly on the subject of the low interest rates, because that is of real interest to many of our listeners who are looking at their savings and life insurance and saying: “What is the ECB doing? Is it 4  BIS central bankers’ speeches  actually conducting monetary policy against me as a saver?” What would you say to them?