Once this third programme has been agreed, can the capital controls be lifted? That is not for the ECB to decide. It is a matter for the Greek government. As long as there is uncertainty regarding the future of Greece’s banks, the government in Athens should tread very carefully.
Yet we aren’t seeing any deflation, i.e. a general fall in prices. But we must be very careful that we do not permanently fall below 1% inflation and thus into the danger zone. SPIEGEL: How do you intend to react to it – should interest rates fall further? Draghi: At the moment we see no need for immediate action. We don’t have Japanese conditions.