Talking execution of QE
Have seen no problems with liquidity
QE can be adjusted if any limits are hit
QE is proceeding smoothly
Level of Euro reflects the difference of policy
FX rate is important for price stability
There is no evidence of people withdrawing deposits from banks
ECB has no plans to revise inflation objective
Each revision on both sides undermines the credibility of the central bank
That would itself raise the risk premium and real interest rates and go against our objectives
Draghi's not going to budge on inflation target
