This does not mean, of course, that monetary policy and fiscal policy will no longer support economic and price developments, but the direct coronavirus-related measures should then be rolled back in both policy areas. You see, the current projections indicate that economic output in the euro area is already set to exceed its pre-crisis level in the first quarter of 2022.
Furthermore, the forecast suggests that the underutilisation of aggregate economic capacity in the euro area will no longer be exceptional next year. That would no longer be a crisis year, in my opinion, if the assumptions regarding the course of the pandemic and expectations about its economic impact turn out to be substantially confirmed.