Faced with the effects of the public health emergency, which are expected to last longer than predicted last autumn, at its January meeting, the ECB Governing 6  Council reconfirmed that its very accommodative monetary policy stance and its continued presence on the market are still essential in order to support the economy and prices in the euro area, also by bolstering confidence and reducing uncertainty.
Moreover, there is a risk of reform fatigue in these member states, which will make it more difficult to implement reforms e.g. in the labour market, even though there is not really any alternative. The negative growth in the euro area over the last year reflects falls in both investment and private consumption. Firms are consolidating rather than investing.