It will be a long discussion, which is why it needs to start soon. How long will it take? My preference is for the discussion to take a bit longer and lead to a strong outcome, as opposed to rushing it and producing only a symbolic outcome. The real deadline is the European Parliament elections in the spring of 2019.
Let’s move on to your core task, monetary policy. At its October meeting the Governing Council decided to halve the monthly asset purchases from the beginning of next year, and keep on buying at least until the end of September. Why don’t you go to zero? The European recovery is the strongest for the last decade, and the broadest for the last two decades.