But the ECB’s measures cannot substitute for the actions required to address more deepseated and fundamental problems. It remains for others – national governments, regulators and supervisors, and the private sector and financial industry – to proceed with the difficult, but vital, measures required to re-establish the trust on which a well-functioning market economy relies.
The Government and trade associations have taken many steps in recent years to mitigate firms’ difficulty in obtaining credit and to meet their liquidity needs, strengthening measures already adopted and introducing new ones.