The original idea of helicopter money refers to the direct financing of public expenditure. That is not an option for us. That is not something that we are considering. As President Draghi has said on this topic, the Treaty on the Functioning of the European Union prohibits direct financing of governments in the euro area.
Isn’t there a great danger that the ECB’s stance undermines the necessary adjustments in the economy, as the cheap money makes balance sheet adjustments unnecessary or keeps unviable banks and businesses alive? Some critics warn that the ECB is ultimately creating “Japanese conditions”. That is certainly not the case. Of course, no policy is completely “clean” – there are always side effects.