The key ECB interest rates were kept unchanged and we continue to expect them to remain at present or lower levels for an extended period of time, and well past the horizon of our net asset purchases.
This requires the appropriate legislative and legal framework and the capacity to effectively regulate the financial system. Let me put these two stability conditions in a way that the ordinary layman would understand. If the currency is devalued, the ability to purchase goods from abroad will be decreased and the prices of all goods will go up due to inflation.