If this situation had continued, there was a risk that conversion of the deflationary mindset, which has so far been progressing steadily, might be delayed. If this risk had manifested itself, this would have interfered with the transmission mechanism of QQE, which starts with the rise in inflation expectations.
I only wish to say that the Governing Council has demonstrated, over the years, that it has always had the ability, not just the will, to act. The ECB has always been able to act without being constrained by a supposed paucity of instruments. Is “helicopter money” an option for the ECB?