It all depends on what we think is necessary to keep the Canadian economy on a non-inflationary, and thus sustainable, growth path. As I have already noted, in the past 12 months, we raised our interest rates four times while the Americans have raised theirs six times.
The monthly purchases of € billion under the APP are now intended to run until the end of March 2017, or beyond, if necessary, and in any case until the Governing Council sees a sustained adjustment in the path of inflation consistent with its aim of achieving inflation rates below, but close to, 2% over the medium term.