I should add that any monetary measure will only be effective if banks in the euro area are able to start loaning to businesses again, and notably to small and medium-sized enterprises.
The assessment of banks’ balance sheets that the ECB is undertaking this year is key in this regard: if it is perceived as being sufficiently strict and objective, it will foster renewed confidence in the banking sector. Would it be advantageous for the euro area to develop market financing of the economy, like in the United States?