Compared with national financial stability measures, monetary policy is a rather blunt weapon. Now you are making the ECB’s monetary policy seem less important than it is. No – it does of course get in all the cracks, but unfortunately, despite the ample central bank liquidity, loans in individual countries which should be granted are not being granted.
The way QE works was once visualised as a marathon. How many kilometres have we run so far? We have come a long way since summer 2015. Even though we have pushed back the end of the QE programme, we have already covered quite a distance. We can see the effects in lending, for instance, where figures have turned from negative to positive.