This obligation to protect against systemic disruptions cannot be met solely via open market operations and use of the discount window, as powerful as these tools may be. If the past is any guide, financial crises of the future will be unpredictable and unique in nature.
So there is a need for adequate fiscal policy measures, and fiscal policy may well be more effective under the current circumstances than in "normal" times. Low capacity utilization and a larger number of liquidity-constrained households and firms may currently shift fiscal multipliers to above-average levels. So, coordinated discretionary measures as proposed in the European Economic Recovery Plan are necessary.