Chart 11 Impact on real GDP growth of a tightening of credit conditions under different states of the economy (year-on-year percentage change)  https://www.ecb.europa.eu/press/key/date/2020/html/ecb.sp200624~d102335222.en.html  10/13  7/15/2020  The ECB’s monetary policy response to the pandemic: liquidity, stabilisation and supporting the recovery  Source: ECB calculations.
The ECB will not publish intermediate results, but only the final outcomes, because we feel that only those will be robust. The supervisory model for the SSM The second issue I want to highlight in my introductory remarks today is the implementation of the SSM’s supervisory model.