Even the LTRO [the European Central Bank’s long-term refinancing operation] money, it’s not clear it’s being used all in Europe and some of it is being used in  BIS central bankers’ speeches  5  speculation. And then there are the political factors, which is Iran. If Iran is outside the world pool there could be price pressures.
At the same time, it is necessary to continue, where needed, to take legislative action or otherwise promptly implement structural reforms.