We opted to be prudent today to avoid having regrets tomorrow should overall economic conditions further deteriorate. The ECB is in good company. Other institutions have joined the effort to keep the financial taps open for the real economy during this exceptional period.
My impression is that this debate is partly boosted by the fact that economic theory has proved to be rather lame in guiding policymakers on exchange rate regime choice and many countries have experienced severe foreign exchange crises in recent years.