Each of us – both the ECB and the Federal Reserve – have a price stability mandate. And if the inflation rate here is much too low for a long period and inflation expectations – if you look at them – are very low, i.e. below, well below 2% that we aim for, then we have to react, as that is our mandate.
It’s got nothing to do with someone or other exploiting someone else. Ms Lautenschläger, coming up in Europe we have some important elections in the Netherlands, France and here in Germany too. The Eurosceptic movements, such as the Five Star Movement in Italy and the Front National in France, are arguing that the economy would be more competitive with a flexible exchange rate.