But these would be manageable if introduced over a transition period – which, without question, has to be granted. 5. Conclusion  Ladies and gentlemen, let me come to a close. The biggest bottleneck for growth in the euro area is not monetary policy, nor is it the lack of fiscal stimulus: it is the structural barriers that impede competition, innovation and productivity.
Our monetary policy response to the pandemic shock To counter the effects of the pandemic shock as expected in our baseline scenario, we have adopted a package of appropriate, proportionate and complementary measures. These measures are showing their effect and aim to safeguard medium-term price 1/3  BIS central bankers' speeches  stability.