It is not the adjustment programme which is causing the recent decline in GDP. The current economic depression is an unavoidable correction of the substantial positive output gap that has built up until 2009. Is there any alternative to the current adjustment? We do not help Greece by creating false expectations. Calls for loosening the fiscal stance are illusory.
Benoît Cœuré: The effects of APP reinvestments on euro area bond markets Closing remarks by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the ECB's Bond Market Contact Group meeting, Frankfurt am Main, 12 June 2019.