Inflation expectations were not rebounding, so we took a new set of measures. Have the TLTROs been obscured by QE? As I said, we have been positively surprised by the impact of our summer 2014 measures on the pricing of credit even before QE.
But the combination of globalisation and technology and now the pandemic have changed these dynamics. Labour markets are working differently than they used to and wage and inflation dynamics have changed. This has made relying on forecasts more difficult.