Against this background, the Bank announced yesterday that the first two facilities will expire at the end of October, and that the auctions for the third facility will now be held bi-weekly instead of weekly. Of course, the financial system has many interdependent elements, and we again must keep the big picture in mind.
If you look at longer-term inflation expectations, they have been very stable, and this has helped avoid deflation. This anchor remains needed at a time when the euro area is still coping with the legacy of the crisis. Another topic that is currently the subject of heated debate is the possibility of Bitcoins replacing cash. How important is this topic for the ECB?