Both long-term credit operations aimed to break a vicious circle in which sovereign funding stress impedes bank access to longer-term financing and ultimately disrupts the flow of credit to households and companies. It’s worth noting that the second operation reached a much wider group of banks – among them many small banks providing funds specifically to small and medium-sized enterprises.
Now, I should say also that the ‘we’ is not right in this context because in the eurozone both national legislators and European legislators and the European Commission are certainly not on that path. We are talking about a global market and so massive deregulation in one part of the market is going to affect the whole world.