The Governing Council expects the euro-area economic outlook, and thus also the outlook for price stability, to remain dampened for some time. However, I do not expect interest rates to remain low for years – not least because the cyclical stimulus of the ultra-loose monetary policy will diminish over time and risks to financial stability will increase.
Full allotment at a fixed rate – this will not be the reality in the future. Cœuré: This is not only true for banks but for all market players: There was a need for central bank action in the crisis to avoid a collapse of the system and in so doing to protect price stability. But we will withdraw them.