We have used various tools up until now: the forward guidance, through which we steer monetary policy expectations; interest rates, which are very low and which we have said we would be ready to lower further still, if necessary – and I always stress “if necessary”; and the reinvestment of our securities portfolio, which ensures that the ECB has a very significant presence in the markets.
Currently, we are in the process of identifying the regulatory gaps. This is taking place within an international discussion, which the ECB strongly supports. The ultimate aim must be to extend the regulatory net to cover all instruments, institutions and markets that are either systemically important or which play a key role for the functioning of markets.