Mr. Gabriel Makhlouf:

I am afraid that the answer to that is potentially quite long. It depends in part on understanding why interest rates are at the levels they are, what has happened to the transmission mechanism of monetary policy, factors such as demography, and where there has been structural change that has pushed down the natural rate of interest are at play. Potentially it has significant implications for long-term investors such as pension funds. The decisions the ECB may take are not at the heart of it; at the heart of it is what is happening to the structure of our economies and what implications that has for the nature of long-term investment.