In my view this precludes using the Marshall Plan as a blueprint for aid to transition economies, although it harbours some important lessons. Finally, a word of caution is in order. I am a central banker. As such, I will focus on the economic aspects of the Marshall Plan, not the political ones.
Overall, I do not see any risk of "excessive tightening" at the moment: transmission is running smoothly and monetary policy is having the right impact. So, this brings the "inspection" that I mentioned at the start of my speech to a close.