We believe that the present monetary policy is appropriate in order to maintain price stability. In order to avoid changing our monetary policy by increasing liquidity, we are completely re-absorbing the liquidity provided as a result of these interventions. Q: Isn’t the ECB becoming a sort of “bad bank” which allows commercial banks to get rid of their dubious sovereign bonds?
A: No, the sole aim of our interventions is to help us to improve the transmission of our monetary policy by contributing to the better functioning of certain bond markets. Q: Isn’t there a risk that the next stage of the crisis will occur in the private debt security market, as seen in Spain, where credit institutions are very vulnerable?