’ s a combination of both. there are very strong members around the table and i don ’ t think that they will be under any kind of influence other than reviewing the facts, understanding the reactions, understanding the response, understanding the effectiveness of what we can do. the world has changed so dramatically over the last 20 … you know, last time we had a strategy review was in 2003. the growth was much higher in those days, inflation was higher, the prospects for the various demographics around the world were different. the world has massively changed. we didn ’ t use social media as much as we do ; we hardly had the cell phone in those days. can you give us, then, a sense of the future timetable for these reviews? should it be a regular thing? that ’ s to be debated. first of all, the initial timetable that we are setting for ourselves – which is ambitious, i acknowledge that – is to try to conclude before the end of this year. so december 2020, hopefully, we will have reached that platform of consensus on the various topics that we have. now, do we have to repeat the exercise every five years, every eight years, every 16 years, as we have? i have my views as well and we will debate that with the group to see how necessary it is, how helpful it can be. 1 / 5 bis central bankers'speeches markets are interpreting the exercise as maybe having a little bit of a dovish tilt. then you look at housing costs and you look maybe at side effects of negative rates … i ’ m an owl ; i ’ m not a dove, i ’ m not a hawk! you ’ re an owl. there are doves and hawks around the table, i get it! but what signs should markets be looking at in the review to give us a sense of where it goes? if markets are interested in what happens in the next 12 months, they should not pay too much attention to the strategy review because we ’ re conducting two separate exercises here. we will have our monetary policy assessment and review as usual. every six weeks we all get together, we look at the numbers, we look at the markets, we look at the views of the citizens in terms of inflation expectations. we decide whether things should be status quo or whether they should vary one way or the other. that exercise will be conducted irrespective of the strategy review, so to those who say, “ oh, it ’ s

a point where actually the side effects of negative rates mean that you need to scale it back? we will be looking at the side effects as part of the strategy review. there is no question about that. we need to be attentive to that. financial stability is not our first driver of concern and consideration, but we will have to look at it, of course, yes. don ’ t forget that we need to have a banking sector in the euro area that acts as a good channel of transmission. which means what, that you could extend tiering? 2 / 5 bis central bankers'speeches multiple responses! as i said yesterday, we are not considering that at the moment. president trump left davos saying that actually he ’ s still thinking about possible tariffs against germany and europe in general. you ’ re seeing growth in europe ; how do you match up the two? we ’ re saying modest growth in europe. we ’ re saying a bit more modest downside risks as well, so that ’ s probably the reason why it ’ s kind of slightly balanced to the upside, but very slightly. we shall see. what i was pleased about is to see that there had been a good first meeting between ursula von der leyen, president of the european commission, and president trump. it ’ s better to start off on a good footing and there will be difficult relationships going forward, and points of negotiation that will be hard. whether it ’ s trade, whether it ’ s tax, whether it ’ s technology, whether it ’ s energy – there are multiple topics. as ursula said, europe and the united states have been friends for a long, long time. it will not go away and in many instances, they have joint interests but europe is different. europe operates on different values, with different systems, and that needs to be secured and preserved for the sake of the europeans. are tariffs the biggest concern you see for the european economy? it ’ s a big concern, let ’ s face it. don ’ t forget that there is trade intra - europe and that would not indeed be affected. but trade with the united states, which is an important trade partner, would be affected if there was a sudden rise in tariffs, yes – or a tariff war. tit for tat, you tariff me, i ’ ll tariff you : that ’ s going to operate as a brake on the economy, for sure. you ’ ve done a number of public events in