The ECB has always maintained that the interaction between the single monetary policy and national fiscal policies in EMU needs to be based on a clear allocation of responsibilities, with each party (institution or authority) being responsible for achieving its objectives and delivering on its own mandate.
There are two broad reasons for why this might be the case. The first relates to the fiscal and economic implications of the crisis. The lockdown has caused a substantial increase in the issuance needs of sovereigns, putting upward pressure on sovereign yields (slide 3, left chart).