At the same time, other authorities will have to play their role as well, since ultimately the recovery will depend on the right combination of monetary policy and effective fiscal and regulatory policy, both at national and at European level. Thank you very much for your attention.
1 See also de Guindos, L. and I. Schnabel (2020), “The ECB’s commercial paper purchases: A targeted response  to the economic disturbances caused by COVID-19”, ECB blog post, 3 April:  6/6  BIS central bankers' speeches