Significant monetary policy stimulus is being provided by the forward guidance on the key ECB interest rates, reinforced by the reinvestments of the sizeable stock of acquired assets and the new series of TLTROs.
David, you got to the heart of the matter when you said recently: [Central banks] “must not lose the ability to do the opposite when necessary, for example when inﬂation rises.” [14] And you hinted that after the crisis, inﬂation would probably return. [15] Elga Bartsch mentions several reasons why https://www.bundesbank.de/en/press/speeches/too-close-for-comfort-the-relationship-between-monetary-and-fiscal-policy-850120  5/11  11/5/2020  Too close for comfort?