We’ve seen quite a lot of flattening of forward curves, even ahead of the Governing Council, and that, in itself, provides financial accommodation, so it’s part of the solution. We are comfortable with it. If the market were to overreact, if at some point we see market expectations which don’t fit the way we see the economy, then we would have to react.
These products can leave consumers vulnerable if they are not coupled with meaningful disclosures and basic protections against abusive practices. Innovation can lead to disruptions of existing markets, which may be beneficial, but may also generate new systemic risks.