Within a monetary union, where monetary and exchange rate policies are no longer the responsibility of national governments, a high level of coordination between fiscal and structural policies and a forward-looking approach are essential to ensure that national policies do not interfere with the common monetary policy.
Against the backdrop of the current economic outlook, the ECB Governing Council is maintaining an ample degree of monetary accommodation through our forward guidance on the key ECB interest rates, reinvestments of a sizable stock of acquired assets, and the new series of targeted long-term refinancing operations.