This approach, says Dr Smith, has the virtue of scientific defensibility: science can establish an area's unique characteristics, then branding can advertise it.
But if conditions changed and the need to further increase liquidity emerged, I would see no reason why such an instrument, tailor made for the specific characteristics of the euro area, should not be used.
The researchers studied male leopard frogs across a large area of the US and found a high proportion to be developing female characteristics where they swam in waters contaminated with the herbicide.
But we have recently started to see the risk characteristics fall in that space, and it is starting to look like a little bit more attractive area to be.