We are not the only game in town, and we should not be. Let me repeat the need for structural reforms. This is necessary for sustainable growth, and would give a boost to the competitiveness of many countries in the euro area. Using fiscal space is another possibility for some countries.
Rate cuts are part of standard monetary policy tools, so it’s something that you should certainly think about before you consider non-standard measures like APP. But overall, we have to assess whether these instruments are needed to support the transmission channel and what kind of impact and side effects they would have.