At the end of the day, we have had a major depreciation in both nominal and real terms of the exchange rate since 2011, yet the net export response has been very weak. If nominal depreciation is so critical, we should have experienced an export boom.
It is important for me to state again in this forum that the liquidity management operations carried out by the Eurosystem were aimed at reducing the volatility of short-term interest rates around a given level of official interest rates.