But because of its availability it will provide an element of certainty to the markets and that’s why it’s important. In such a case, the European emergency fund ESM can lend indirectly to a country for a bail-out. Direct recapitalisation is not available? That is only possible if supervision by the ECB has started.
Looking at the longer horizon, at the next strategy review, it is worth discussing what monetary policy framework is mostly fit for the new issues that relate to climate change risks, retreating globalization, and returning geopolitical threats. To this end, I am grateful for this opportunity to exchange the views in this panel discussion. Monetary policy