To accurately assess the level of monetary support that is still needed, it’s important to have a confirmation of confidence indicators in hard data.”  Given this uncertainty, do you think it’s too early to start reducing policy support? Praet: “Let me start with the good news, and that is that our monetary policy is working. Am I being too triumphalist?
That’s a matter for discussion, but our policy has undeniably played a key role in avoiding deflation and supporting the economy. And for the first time in many years, growth is now being driven primarily by domestic demand, and in particular private consumption. So the argument that our policy is leading people to hoard their money is unfounded.