Notes: The estimated impact via a suite of models refers to the average across a set of models used by the Eurosystem for policy simulations, a BVAR model (Rostagno, M., Altavilla, C., Carboni, G., Lemke, W., Motto, R., Saint Guilhem, A. and Yiangou, J.
(2019), “  A tale of two decades: the ECB’s monetary policy at 20”, Working Paper Series, No 2346, European Central Bank), the NAWM-II model, and the ECB-BASE model. These estimates of the macroeconomic impact of our measures are probably a conservative quantification of the effectiveness of our policy package. In particular, these calculations do not capture the benefit of preventing adverse non-linear dynamics.