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The main purpose of QE is to extract more duration risk from the bond market; indeed, term premia have already been successfully compressed – the term premium on a 10-year OIS is estimated to be significantly negative at around -60 to -100 bp. I also think that the significant strengthening of our forward guidance, the consequent prolongation of the reinvestment period for the very important stock of QE assets – 2600 billion euros –, and the DFR cut, were already a powerful and consistent combination. The forward guidance now states that we expect rates to remain at their present levels, or lower, until the inflation outlook robustly converges to a level sufficiently close to, but below, 2%, and this convergence has been consistently reflected in underlying inflation dynamics: our forward guidance is now strongly “state based”, reflecting our enhanced commitment to reach our objective. This is significant progress that has been overshadowed by the arguments over QE. For me, it is not a question of a shifting balance between hawks and doves – I have never found ornithological categorisation to be of much help in designing monetary policy. It is a question of pragmatic and objective economic analysis, which takes market expectations as useful indicators but is not dependent on them. But whatever the debate in the Governing Council has been, let us now look forward and stress one simple message that has unanimous agreement: monetary policy has, once more, done its duty.