The built-in temporary nature of the ECB’s liquidity support measures and the clearly limited scope and scale of our outright purchases in securities markets so far prevented excessive accumulation of credit risk on the ECB’s balance sheet. This has also mitigated any blurring of monetary and fiscal responsibilities.
), Schuman Report on Europe, State of the Union 2018, Lignes de Repères,  2018.I would like to thank Jean-François Jamet, Jonathan Yiangou and Sander Tordoir for their contributions to this article. I remain solely responsible for the opinions contained herein. 2 See Standard Eurobarometer 88, which was carried out by the European Commission between 5 and  19 November 2017.