If the governments want to do this they can use the instruments over which they have some control like the Public Investment Bank (BPI France) or the European Investment Bank (EIB). For example these institutions can guarantee securitised assets, enabling the ECB to purchase them as part of the programme that we have announced. Will giving credit to SMEs be enough? Of course not.
The potential GDP growth of the euro area is undoubtedly below 1% per year at present, it could possibly rise to 1.5% over the longer term but it is clear that we have to be more ambitious.