appropriate instruments are for example the tltro and how the central bank can influence lending conditions. that ’ s how the tiering discussions came back to see if at some point the conditions evolved in such a way that you see some impairments in the lending part or on the corporate bond markets. then the central bank may wish to use some of these instruments. that ’ s the context. speculating about the big crisis, i think that ’ s something i don ’ t want to do. is qe still a possible tool? praet : well, we say that all instruments are available, even new instruments are available ; qe is of course available as we say, but i think it ’ s needless. all the instruments are available as we said, even new instruments are possible, but i think it ’ s not a time to speculate about this. you are looking back to eight years at the ecb and i am just wondering, what was your worst possible day on the job? praet : i don ’ t have a worst day at the ecb, really. i thought about these things, now that i ’ m reaching the end. i had difficult days, that yes, sometimes because of the sovereign debt crisis. i would say a worst day, you know what helps very much in difficult circumstances, and i must not complain ; it ’ s basically when you work in a group, in a team and it makes a whole difference. i had it all my life ; also in the banking crisis in belgium, it was sometimes extremely stressful. when you are in a team it changes totally the situation at least for me. i cannot speak about the worst day. if you really push me, the thing about the worst day, i would immediately say when there was less unity. you see, these are the situations where the stress goes up ; because you feel that the team is disunited. well, i don ’ t see that really as a worst day because the team was in general, the team – that means the governing council – was very strong even for those having different opinions. there was a sense of unity in general in the council, believe it or not, but that ’ s how i feel. now, your successor is already known ; philip lane from ireland. any preference as to who will replace mario draghi? praet : no, i have nothing to say on this. it was a fantastic cooperation with mario,

peter praet : interview with bloomberg tv interview with peter praet, member of the executive board of the european central bank, and bloomberg tv, conducted by ms jana randow on 27 march 2019 and broadcast on 28 march 2019. * * * the president is talking about mitigating the side effect of negative rates. does that mean tiering is coming? praet : well, i think don ’ t rush. i think it ’ s a bit premature to take that conclusion. what is clear now is that the perspective of low rates for longer has triggered that debate about the side effects of negative rates. i think it ’ s fair to say that this issue has to be analysed carefully. but you need in any case to find a monetary policy case ; you cannot just conclude let ’ s do the theory because the economy is slowing down and the rates are low for longer. i think it ’ s fair to say that we have to go into this issue but we need to have a convincing monetary policy case to do that. now, when you look at the economy today and the lending channel, we don ’ t see any particular problem in the lending channel today. as we know with the weakening economy it may happen in the future so you have to be ready and to look at the possible instruments or decisions you may need to take in case. so readiness, yes, but i think don ’ t rush too quickly to conclusions but it ’ s fair to say that the conversation has started. if the conversation has started, does it mean that interest rates will stay low for even longer? praet : i think it ’ s difficult to say today. when you look at prices, market prices, yes the date of the first lift - off has been pushed further by market participants, so this debate on the tiering has been coming. as i say, the perspective of rates for longer is something you have to look at, all the consequences of that. does tiering make the tool of negative interest rates less effective? praet : the negative rates have been extremely useful to support the economy basically because the opportunity costs of saving have been low. so you push people either to spend or to go into more risk and supporting the economy, going into investment and all that. we have been big effects of the negative rates on the economy, which is good also for the banks themselves because if their customers do better it ’ s also good for them. the question that