For instance, fiscal policy is normally decided once a year, through an elaborate budget process, but is not implemented until the following year. This process introduces significant rigidities into the decision-making and makes it somewhat less likely that fiscal policy can exit before monetary policy, which is typically a much more flexible instrument.
And this decision can obviously only be revisited through a new decision once it is assessed that all conditions for an unlimited access have been restored. Moreover, if necessary, the Governing Council can also impose further restrictions on the grounds of prudence, including suspending access to monetary policy credit operations for an entity with very low capital ratios.