They will reduce the risks of fragmentation, alleviating the pressure on monetary policy, and moving towards a sounder interaction between policies. 2/4  BIS - Central bankers' speeches  It is always important to recall that the first time the euro support among Europeans increased in the context of a crisis was in 2020.
Against this background, the ECB Governing Council was without a doubt confronted with a difficult situation. As you are aware, the Bundesbank takes a sceptical view of the government bond purchases. After all, the low level of inflation in the euro area is primarily the result of the drop in energy prices. Lower energy prices can only be expected to dampen inflation rates temporarily.