But, this being said, we haven’t concluded that inflation expectations are deanchored. Isn’t that an argument for those who say that the ECB is acting too late? The financial crisis started eight years ago. We had eight years of very bad economic performance with two recessions during a short period of time.
The first phase of our monetary policy action was basically the period between 2008 and 2009, when the ECB provided liquidity to the banks. Then we had this big fragmentation problem brought about by a very severe debt crisis.