It is in fact the way to ensure that a regime of price stability endures and to dispel pessimistic expectations which could cripple monetary policy effectiveness. Second, combined fiscal and monetary support has lifted the economy out of the state of emergency.
If the commitment to use both policies proactively is pursued further, it has the potential, for the first time in more than a decade, to bring us back sustainably to our inflation aim and to an economy operating at full capacity. A return of macroeconomic policy to the pre-pandemic status quo would be an immense wasted opportunity.