The  measures we have introduced since March will materially support the inflation and growth outlook: according to conservative estimates by ECB staff, they are projected to increase inflation by around 0.8 percentage points cumulatively between 2020 and 2022, and GDP growth by around 1.3 percentage points. These are remarkable results, but the outlook we face is nonetheless not satisfactory yet.
It is necessary that all euro area countries live up to their obligations in full. Fiscal policy must be part of a comprehensive and growth-oriented strategy, focusing - as a rule - on restraining the volume and on improving the structure of public expenditures.