avoiding deflation and the impression that that generated was that higher inflation would generate more timulusest that quantitative easing works through reducing interest rates, buying securities which reduce interest rates. >> which is the more important? >> i think you are mixing together goals and mechanisms. the goal was to avoid deflation. one of our concerns, besides the week recovery at the time of qe2, was inflation was very soft and moving down. we are concerned about deflation risk. of course, deflation is not a 0-1 thing. even low inflation can create problems. we adopted the quantitative easing policy with the objectives of raising the inflation rate to meet our target. at the same time, by doing so, we would lower interest rates and help the real economy. that was the objective. the mechanism come and of course there is a lot of debate about how this works and so on, but the mechanism that we have focused on is based on sort of a towbin friedman kind of world in which there are imperfections between different types of assets. that is the mechanism which i discussed today which i t