In addition to these “hydraulic” effects, both quantitative and credit easing can have “signalling” effects. That is, both can affect perceptions of the central bank’s reaction function. Like forward guidance, signalling effects can provide additional stimulus by affecting expectations of future monetary and financial conditions.
Yet, we all have to play a constructive role in this. There are investments to be made for rebuilding the new Member States and there are financial services to be integrated into one European market. I sincerely believe that Monetary Union contributes to accomplishing these tasks. The euro has become a strong symbol of Europe.