The economic ramifications of the pandemic have been amplified by the tightening in financial conditions compared with levels that prevailed at the turn of the year. [4] Against this backdrop, the case for monetary policy action was clear.
https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200624~d102335222.en.html  1/13  7/15/2020  The ECB’s monetary policy response to the pandemic: liquidity, stabilisation and supporting the recovery  Chart 1 Projected real GDP in the June and March 2020 Eurosystem/ECB staff macroeconomic projection exercises (index, 2019=100)  Source: ECB calculations.