There was unanimous agreement within the Council on the need for action, and broad consensus on the package of measures as a whole, although there were differing views on the individual measures. While the effects of some of them are uncertain, there is no reason to doubt their overall effectiveness.
The monetary policy stance will therefore remain resolutely expansionary for as a long as necessary to support aggregate demand and, through this, ensure price stability. Our analyses suggest that the ECB’s asset purchase programme is likely the most effective tool under the current conditions.