Credit conditions have improved sufficiently, so there is currently no need to renew the TLTROs. And what about the sequencing of monetary policy normalisation? The current sequencing of monetary policy normalisation makes a lot of sense. There is no number, period of time in months or anything like that which will determine when interest rates go up after the debt purchases end.
This will happen based on the ECB’s assessment. It will depend on the kind of situation we find ourselves in. And the deposit rate? The deposit rate is the key monetary policy rate. It is the deposit rate that is currently driving monetary conditions and will in the end shape the risk-free asset curve.