We will take into account the American and British experiences in order to decide on the amount of securities to buy in order to restore confidence in inflation returning to a level close to, but below, 2%, while bearing in mind the economic and institutional specificities of the euro area.
We also have to decide if the repurchases will focus on the debt of certain countries or if they should be weighted across the whole of the euro area. Now that the interest rates are very low and the banks are not rushing to lend you money, is QE really necessary?