Would closer cooperation between monetary and fiscal policy be warranted at such times? There’s a good reason why central banks are independent. So I wouldn’t talk about cooperation. 2/6  BIS central bankers' speeches  But it can only help for governments to have a good understanding of how our monetary policy works. That’s why we’re very transparent on this.
What do you mean by that? Anyone in the finance ministry can see that euro area inflation is well below our objective. And that means that higher public spending will not dramatically affect financing conditions. Let’s go back to monetary policy. Which measure do you think is more significant, the interest rate cut or asset purchases? The important thing is that they work together.