It could have been even worse – the worst crisis since First World War – if we had not made the decisions we made. They were times that required a great deal of effort. It has been very rewarding to see the team spirit of the Governing Council and of the staff of the ECB and of the other central banks of the Eurosystem.
Bear with me these next twenty minutes and I will talk you through how, we as monetary policymakers assess the proportionality of our policy actions, illustrated with experiences of lawyers and construction workers, and how we apply this framework in the current circumstances. The legal principle of proportionality As a trained lawyer, let me start by providing you with some legal background on proportionality.