·         The first cornerstone of the exit strategy is the link to ECB’s primary objective and thus to our monetary policy strategy. Central banks can and have provided support to market functioning. But ultimately market activity relies on the confidence and trust of market participants themselves.

·         The answer to the question whether the ECB needs to set up new rules and procedures to exit is that it does not. The ECB’s operational framework is well equipped to facilitate the unwinding of non-standard measures when the need arises. The framework embodies a rich and flexible set of instruments, including fine-tuning operations, for the absorption of abundant liquidity – promptly if necessary.

·         Concerning its institutional capability and independence, the Governing Council has the unfettered capability to take and implement appropriate policy decisions whenever circumstances warrant, given the ECB’s strong institutional independence. This reflects the maintenance of a clear dividing line in the euro area between the central bank and the fiscal sphere of responsibilities.

·         The exit strategy, in the end, will need to be invoked at the precise time in which the traditional link between broad money and our provision of liquidity to the banking system will re-establish itself. This calls for a constant and careful monitoring of the conditions at which the Eurosystem supplies central bank credit to banks in view of the evolution of the economy and of markets expectations.