The first was to counter the downward impact of the pandemic on the projected path of inflation. The second was to ensure that all parts of the euro area had access to liquidity, which was crucial for weathering the lockdown.
You have shown me your projects, shared your triumphs and frustrations, testified at hearings on the future of CRA, served on our Consumer Advisory Council, and actively participated in Federal Reserve conferences. Your counsel has given me a deeper appreciation of the complexities involved in creating and maintaining strong communities, particularly in times of economic stress.