Q: You have signalled that you do not want......>

ECB: Q: You have signalled that you do not want monetary policy to be

conditioned by the markets. But is it not conditioned, in some fashion, because

of the most indebted countries? Their debt levels are being described as

unsustainable...

A: This is clearly exaggerated. Even at the height of the crisis no Member State

was close to losing market access. There is a debate about fiscal dominance and

some have raised doubts about whether we will ever be able to stop our

purchases. In fact, we have shown in the past that we can stop our net asset

purchases. When the time comes, we will reduce our asset purchases, depending on

the inflation outlook. We have a clear legal framework that prevents us from

conducting monetary financing, so every decision we take has to be linked to our

mandate of maintaining price stability over the medium term.