The first two building blocks offer unlimited refinancing against a very wide range of collateral. However, they can only reach the financial system because of the very large number of counterparties that participate in our refinancing operations. Currently, 2,200 credit institutions in the euro area have the opportunity to refinance themselves with us.
There is also a range of other risks that we outline in the MPR, which, taken together, give us a balanced outlook for inflation. As well, there is uncertainty surrounding the possibility of a significant shift toward more-protectionist trade policies in the United States, which we have chosen not to incorporate in our projection.