Dr. Constantin Gurdgiev:

The Deputy should send that on a postcard to Mr. Draghi because I agree that it is a very big question. If one wants to increase demand, one must find a way to do it without increasing future liabilities relating to that, in other words, the debt, because one would scare the daylights out of the households who are already indebted by hiking their debt on the side of the Government. In a sense, we are back to the same conversation we had before about key relief for the people. No monetary policy is going to generate any significant impact, unless one is injecting the money directly and the monetary policy goes to the heart of the problem, namely, two areas, the first of which is households and the other is companies, the latter for the purposes of investments and the former to shore up their finances and maybe for some consumption purposes. One need only look at Japan.