*  *  *  To make the fullest possible use of the expansionary potential of the monetary policy measures adopted by the ECB Governing Council, the other policies also have to move in the same direction. Fiscal policies that support economic activity in the euro area can deliver a faster return to price stability.
To ensure sustained higher growth, reforms are needed to remove any obstacles to development, foster innovation and help modernize the productive system. Acting in isolation, monetary policy can do nothing but continue along the path of ‘non-standard’ measures. This increases the risk of adverse side effects, which, in turn, need to be kept under control using instruments of an increasingly administrative nature.