[9]  Second, the European Commission lifted state aid requirements and decided to invoke the escape clause, and the launch of the EU Recovery and Resilience Facility pooled risks, thereby reducing pressure on national budgets. For the first time, a euro area-wide instrument was created with the specific aim of ensuring that the aggregate euro area fiscal stance is appropriately countercyclical.
In general, however, we are more accessible to the media than any other central bank that I know of, and no central bank is more transparent about the rationale for its decisions. And have we been the only central bank in an OECD country to adjust monetary policy in a tightening direction in recent times? Hardly.