[8] Before the pandemic shock, sizeable policy accommodation was already in place with short-term yields at record low levels, forward guidance indicating that rates would be kept low or lower, net asset purchases under the APP restarting in autumn 2019, our continued reinvestment policy, and the third series of the TLTROs (TLTRO-III). [9] See also footnotes 2 and 4. [10] See also Lane, P.R.
(2020), “The macroeconomic impact of the pandemic and the policy response”, The ECB Blog, 4 August. [11] See also Haroutunian, S., Hauptmeier, S. and Leiner-Killinger, N. (2020), “The COVID-19 crisis and its implications for fiscal policies”, Economic Bulletin, Issue 4, ECB. [12] See also footnote 6.