Thus, the alternative scenario is frankly not very attractive. Monetary policy has helped to boost growth in the euro area. Of course, it is not enough. You need reforms, you need productivity, you need projects to finance. We can make the financing of projects more attractive but then there have to be projects to finance.
It’s up to firms and the Member States to take care of that. But without the impetus provided by monetary policy, growth would not have picked up. Behind your question, there is the issue of possible risks to financial stability... Yes, the risks of bubbles.... Well, we can’t see these bubbles. There are no credit bubbles in the euro area.