[1] I am grateful to Krzysztof Bankowski, Giacomo Carboni, Maarten Dossche, Marien Ferdinandusse, Fédéric Holm-Hadulla, John Hutchinson, Danielle Kedan, Nick Ligthart, Arthur Saint-Guilhem and Roberto De Santis for their contributions to this speech.
[2] See also Lagarde, C. (2020), “Monetary policy in a pandemic emergency”, keynote speech at the ECB Forum on Central Banking, 11 November; Lane, P. R. (2020), “Understanding the pandemic emergency purchase programme”, speech at the Princeton BCF Covid-19 Webinar Series, 22 June; Lane, P.R.