In March 2015, the ECB increased the degree of monetary policy accommodation by adding public sector securities to its purchase programmes (PSPP), which at the time encompassed covered bonds (CBPP3) and Asset-Backed Securities (ABSPP). In 2016, the programme was extended to include corporate bonds (CSPP).
However, as I saw somewhere, “an international crisis is a terrible thing to waste”, the implication being that we should convert our current mis-fortunes into an opportunity to finally diversify the economy, while some energy sector revenues are still forthcoming. What are the primary obligations of the state in respect of economic diversification?