Furthermore, the application of conservative risk control measures, such as haircuts, in all monetary policy operations protects the soundness of the Eurosystem’s financial position. Let me conclude this point by recalling that all non-standard measures are temporary in nature. Moreover, liquidity support cannot substitute for capital or for sound fiscal and structural policies that bring about sustainable growth and stability in the European economy.
Exports have been the silver lining, growing by 49.7 per cent year-on-year in US dollars terms during April-December 2021 at a time when international trade has been hamstrung by supply chain disruptions, shortages and logistics impairments. Import demand 10  has surged on the back of the return of domestic demand to normal conditions.