We’re looking at a temporary economic slowdown, but there is no recession and the risk of deflation is low at present. There is broad agreement that the situation warrants action, and that’s what’s important. Opinions diverged only on the size and type of measures to be taken.
Some central bank chiefs, including Bundesbank President Jens Weidmann, publicly criticised the decision immediately after it had been taken. Does that damage the ECB’s credibility? I don’t think it’s a problem for the outside world to know that there are a number of different viewpoints, because that shows that we strive, collectively and collegially, to reach the right decision.