Since March, we have been purchasing sizable quantities of Treasury securities and agency mortgage-backed securities in order to support the smooth functioning of these markets, which are vital to the flow of credit in the economy. As described in the June Monetary Policy Report, these purchases have helped restore orderly market conditions and have fostered more accommodative financial conditions.
In theory, I can take a neutral standpoint. But nobody will believe that I’m no longer a Belgian. I still read Belgian newspapers and also take a professional interest in Belgium. I am a displaced European. I look at Belgium as I would at any other country. Belgium has used the small fiscal margin cautiously.