Perhaps at some time there will be a new permanent monetary policy instrument for the ECB via a system of new European bonds. But I can’t imagine that without a change to the Treaty. In addition, I remain sceptical about the concept of secular stagnation. And what about negative interest rates? I don’t regard them as being justified over the long term either.
We have taken these measures in order to return as soon as possible to our normal instrument, the positive key rate. Yet it’s structural reforms that should take us back to an economic environment with no negative real interest rates. So you believe that at some time we’ll have key rates of 3% or 4% again?