I think the plan for € billion of guarantees is key here, because it’s a guarantee for everyone that the ECB’s liquidity will actually get to where it needs to go. So yes, this is very well thought out. Another important issue is the measures to ensure that the situation regarding workers is flexible during this period.
We are going to have a situation where many firms that were perfectly solvent are now struggling. So everything that helps workers, such as the temporary layoffs (in Spanish: expedientes de regulación temporal, or ERTEs) or reduced [social security] contributions, is a step in the right direction.