The second engine took over when markets eventually calmed and has been instrumental in nudging inflation closer to the path that we were projecting before the pandemic hit. Our targeted longer-term refinancing operations – or TLTROs – were the second major pillar of our crisis management strategy.
In other words, in my considered opinion, we don’t really have to rethink capitalism and globalisation, for paraphrasing John Ruskin, what finally matters is not knowing what must be done but actually doing what must be done and doing it when it must be done!! 2.