One option would then be to do more of the same. I have no doubt that the ECB can further ease financing conditions by deploying its current instruments. But one may doubt whether this approach would be more effective in bringing inflation closer to the aim than it has been so far.
And one may wonder how far the depth of our shallow capital markets can be sounded, and whether the side effects of our measures would not outweigh the benefits at some point in the future. A second possible, and complementary, option is to coordinate economic policies more closely.