Obviously, the assessment of risks to medium-term price stability must remain the fundamental criterion. Moreover, I expect gradualism to be a key feature of the exit. Certainly, our toolkit would allow us to react swiftly to any abrupt change in inflation expectations.
Ideally, payees would like to know exactly when they will take receipt of payment so as to be able to use that expected liquidity again in real time. If we are to fulfil these expectations then it will be necessary to massively expand the requirements that apply regarding the operation, oversight and analysis of payment and settlement systems.