We will only be able to exit the crisis securely and definitively, from both a health and a socio-economic perspective, if progress is made by all countries. The economic policy responses must continue in a coordinated and coherent way; the support measures for households and firms must be withdrawn gradually and only when the economic situation has been sufficiently consolidated and uncertainty significantly reduced.
First, it has its own macroeconomic goals on which it must maintain a sharp focus. Second, it is too blunt an instrument for dealing with systemic risk. All the same, I cannot unequivocally rule out the possibility that situations could emerge in which monetary policy should play some role in reining in risk-taking behavior. I will return to this point later.