The 2008 crisis dented its credibility and the 2011 crisis has completely demolished it. Channel of contagion to EMEs 5. EMEs have been affected by both crises. Their macroeconomic stability, price stability and financial stability are jeopardized by the global crisis through several channels.   First, there is the trade channel.
And which instruments, as you have ruled out helicopter money and interest rates seem near their lowest levels? Let me first reiterate that helicopter money is not something we are discussing or even considering. We announced a very strong package in March and have not implemented all the measures yet.