How do you deliver that message from an ECB perspective? Well, the first thing the ECB has to do is to just do our job, which is to bring inflation back towards 2% and to create an environment that makes it possible to invest and to reform. That environment is there now.
So it’s clear why a forceful, symmetric European response is needed. Failure to act now will not insulate taxpayers from the costs of this crisis. Quite the opposite: it will amplify those costs when they finally come due. It will also weaken the policy responses already being undertaken.