And that has been important because with fragmentation – I’ve stressed this many times – we are not in a position to deliver price stability for the euro area as a whole. FT When did it become clear that you had to take that step as a central bank?
MD Clear visible signs of fragmentation had been with us since the second half of last year, gradually leading to a euro area-wide credit crunch by year-end. Then the ECB conducted the two LTRO operations, which removed another type of risk, namely the possibility of a banking crisis caused by lack of liquidity.