The pandemic has produced an unusual recession and will likely generate an unsteady recovery. All policy areas in Europe have responded promptly and decisively. The European policy mix has proven that when different authorities work together – within their respective mandates – countries can successfully absorb the pandemic shock.
The second wave of COVID-19 presents new challenges and risks, but the blueprint for managing it is the same. The ECB was there for the first wave and we will be there for the 5/6  BIS central bankers' speeches  second wave. We are, and we continue to be, totally committed to supporting the people of Europe.