I have the pleasure of meeting my friend Chairman Ignatiev, almost once a month, in meetings of BIS or G20 or IMF or other international seminars.
In the end, what will these three years of QE have achieved? Don’t forget that these measures were decided on in autumn 2014, in the face of a slowdown in growth and a heightened risk of deflation. We needed to react very strongly. QE has considerably improved the financing conditions of households and firms, restarted growth and eliminated the risk of deflation.