Flexibility only had to be used briefly at the peak of the crisis. After that, the mere existence of flexibility and our clear commitment to use it when necessary were sufficient to coordinate markets on the “good” equilibrium. But while the PEPP was able to stabilise markets, it could not sustainably reverse fragmentation by itself.
BIS central bankers’ speeches  1  And joint action had to be focused on areas where, evidently, individual action by governments was not sufficient: joint control over the raw materials of war, in particular coal and steel, was one of the first examples.