Real GDP in the euro area in 2019 would have been between 2.5% and 3.0% lower and employment by more than two million lower (Slide 15, middle and right-hand side). Thus these measures were not only necessary to fulfil the mandate of price stability. They also had considerable positive effects on growth and employment.
In the current situation, a fundamental departure from this policy does not seem appropriate, not least in view of the weak economic developments in Germany as well as in other parts of the euro area. Supposed and actual side effects of monetary policy All of this does not mean, however, that unconventional policy measures do not have their problems.