[2] See my blog post entitled “The monetary policy response to the pandemic emergency”, 1 May 2020 and “Eurosystem staff macroeconomic projections for the euro area”, June 2020, European Central Bank.
https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200624~d102335222.en.html  12/13  7/15/2020  The ECB’s monetary policy response to the pandemic: liquidity, stabilisation and supporting the recovery  [3] For further discussion, see my blog post entitled “Expanding the pandemic emergency purchase programme”, 5 June 2020. [4] For more on the tightening of financial conditions, see my blog post from 5 June 2020 (op. cit.).