In the wake of the Covid 19 pandemic, the European Central Bank (ECB) played a major role stabilising prices and markets. It deployed massive quantitative easing (QE) programmes and new rounds of targeted longer-term refinancing operations in a bid to secure lending for the real economy. With the benefit of hindsight, how do you assess its response and what were the main lessons learned?

We did what was necessary. No question that what we did was proportionate given the nature of the crisis