2/5  BIS central bankers' speeches  Limits to euro-area monetary policy accommodation There is one issue I would like to point out in this respect. Despite the overall strength of the fiscal action on the aggregate level, the fiscal policy response among euro area countries has differed in terms of size and composition.
Such a trend may reinforce the asymmetric effect that the pandemic has had on the euro area economies. In this context, I would like to recall a phrase that was popular in the central banking community prior to the current crisis: monetary policy cannot be the only game in town. Or, rather, it cannot once again become the only game in town.