Faith in a thoroughly better technology-based world therefore seems to me to be a further expression of the yearning for simple realities and narratives that I mentioned at the outset. Technology does not, therefore, obviate the need for a critical view from the outside. It is my firm belief that the state cannot, and must not, withdraw from its surveillance function.
The two parameters have facilitated market participants’ calculus of the extra stimulus implied by each of our successive rounds of (re-)calibrations: by multiplying pace by the horizon, markets have been able to identify the size of the portfolio which is relevant for pricing the term premium.