All the actions we took to avoid a banking crisis and in the end the break-up of the euro, were instrumental in avoiding deflation. But you didn’t avoid this increased risk of de-anchoring?
We didn’t really see high inflationary pressures in the boom years, so when the bust of the financial cycle came, after a short spike due to higher oil prices, inflation started to fall very sharply. After a renewed surge in commodity prices in 2010 and 2011, the reversal of those shocks set in motion a prolonged period of disinflation.