In the meantime criticism of the ECB’s policy is growing, because your policy is also doing some damage. I don’t think that the stimulus policy itself is being attacked. I do constantly hear people asking whether it is time to start tapering though. I understand why the question is asked. Growth is back. The risk of deflation has gone.
But the current economic expansion has yet to translate sufficiently into stronger inflation dynamics. What is your answer to those who think the ECB is interpreting its objective too narrowly and in the meantime causing unnecessary problems elsewhere? That our mandate is to ensure price stability. And the ECB defined ‘price stability' in 2003 as ‘close to two percent inflation in the medium term'.