We also need to consider how big the purchase universe is when keeping the current purchase limits. And keeping the limits is for me of utmost importance to address the risk of monetary financing. There has been a lot in ECB communications of late, and elsewhere, about the perceived need for fiscal authorities to do their part to boost growth and inflation.
Do you think there is a trade-off between convincing certain governments to provide fiscal stimulus and the ECB embarking on deeper negative interest rates? Equally, if there is to be an interest rate cut on September 12, does it follow that there has to be tiering in order to gain support for such a measure?