Action to prevent fragmentation is therefore not at odds with the normalisation of monetary policy. On the contrary, it is a necessary condition for us to have the freedom to adjust our stance as needed to bring inflation back to 2%.
This is required to ensure that the desired monetary policy stance is reflected not only in the financing conditions of countries perceived as vulnerable to fragmentation, but also in the financing conditions of the other countries. In the vulnerable countries, fragmentation would lead to capital outflows and an increase in yields, resulting in financing conditions that would be too tight.