We can only control that rate. Long-term interest rates are determined largely by global financial markets. If the Fed decides to buy US Treasury bonds worth USD 1 trillion a year, then that affects interest rates worldwide. SPIEGEL: The Fed has now announced to reduce the purchases of government bonds. What does that mean for the Euro area and the Euro?
Draghi: So far markets have shown that the announcement by the FOMC has not affected the euro area markets. Their resilience is greater than a year ago. SPIEGEL: That does not help the savers much. Currently, you get about 0.8% interest per year on a savings account in Germany, while the inflation rate is 1.3%.