Being clear about this upfront reduces the emergence of destabilising dynamics in the first place and minimises the extent of interventions when they are needed. In such situations, risks of moral hazard should not condemn the central bank to a course of inaction. These risks should be governed by other institutions outside crisis times.
The lesson for fiscal policy is that, in lower bound episodes, it has to become more responsive to downturns. This requires fiscal tools that are specifically designed to provide macroeconomic stabilisation, ideally at the euro area level, but at least at the national level. Put simply, unconventional monetary policy needs to be complemented by unconventional fiscal policy.