While this earnestness is welcome, there is a risk that we may be learning the wrong lessons because we are asking the wrong questions. That we need to ask the right question to get the right answers is self evident, even tautological.
Together with the stabilisation packages put in place by the governments, the non-standard measures of the ECB have had a stabilising effect on both the financial sector and economic activity in the euro area. The concerted efforts have contributed to the financial stability and economic recovery in the euro area.