I would take it also as evidence that markets shouldn’t focus too much on the decreasing size of the balance sheet of the ECB, as they sometimes do. As long as we have fixed-rate, full-allotment, that is, at least until July 2015, we will be there to provide the liquidity.
That’s an important backstop for the market and that worked effectively at the end of last year.” On the fixed-rate, full-allotment policy: “There is not enough recognition in the market of the power of the fixed-rate full-allotment regime, meaning that the amount of liquidity extension by the central bank, or the size of the balance sheet of the central bank can be X or Y at a point in time, but there is still a lot of flexibility to cope with any liquidity shocks.