Gertrude Tumpel-Gugerell, a member of the executive board at the European Central Bank, on Tuesday said the large economic costs associated with ex-post crisis policies should provide greater emphasis on ex-ante policies.

At an alumni event at the University of Vienna in Vienna, Austria, Tumpel-Gugerell said: "Even when the ex-post policy response is successful at attenuating the immediate impact of a financial crisis on the real economy, the build-up of public debt carries substantial costs of