How do you see the current level of the euro, is it at the permissible level reflecting the current fundamentals? You know that I consider verbal discipline to be absolutely of the essence as regards the exchange rates. I have just signed with my colleagues of the G7 the communiqué. It speaks by itself.
Currently, when securities on the Fed’s balance sheet mature, the proceeds are reinvested in new securities, keeping the balance sheet growing in line with net purchases. Under this policy, when net asset purchases cease, reinvestment will keep the balance sheet constant at the size at that time.