I have also learned that good leadership is to keep a keen eye on developments that at first do not appear relevant to a central bank, but which on closer scrutiny may have a big impact on its objectives. 1/3  BIS central bankers' speeches  I began my remarks with the challenges Europe faces.
Let me now briefly set out my views on how the ECB can help overcome them. Covid-19 The foremost among these is Covid. The ECB has played a crucial role in cushioning the economic blow from the Covid-19 crisis by easing financing conditions for firms, households and governments.