[10] Given the severity of the shock associated with the COVID-19 crisis, a tightening in financial conditions in the current environment would be expected to have an impact several times larger than the one captured by the average elasticities employed to quantify the impact of the policy package on growth and inflation that I mentioned earlier (Chart 11).
Chart 11 Impact on real GDP growth of a tightening of credit conditions under different states of the economy (year-on-year percentage change)  https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200624~d102335222.en.html  10/13  7/15/2020  The ECB’s monetary policy response to the pandemic: liquidity, stabilisation and supporting the recovery  Source: ECB calculations.