The world faces an unprecedented combination of negative economic events: financial crisis, recession and inflation. This phenomenon is very rare for developed economies. For emerging economies, unfortunately, this trinity is much more familiar. In our way, we have a long experience in dealing with the consequences of these critical events.
Such an extreme measure would undoubtedly be subject to operational and legal constraints; the redistributive implications and the close ties with fiscal policy would all make it very complex, all the more so in the euro area given its institutional framework.