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P. Benigno, P. Canofari, G. Di Bartolomeo, M. Messori: The ECB’s Measures in Support of the COVID-19 Crisis

This paper illustrates and discusses the monetary policies activated in response to the COVID-19 crisis. We argue that these policy measures have stabilised the European economic and financial system by incentivising banks’ lending to households and businesses and by indirectly creating short-term fiscal capacity also for those Member States of the euro area that have a very high government debt/GDP ratio. This paper was provided by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON) ahead of the Monetary Dialogue with the ECB President on 18 March 2021.


This paper was prepared for the European Parliament’s Committee on Economic and Monetary Affairs (ECON) as an input to the Monetary Dialogue of March 2021 between ECON and the President of the European Central Bank. The original paper is available on the European Parliament’s webpage, as part of a series of papers on "Recalibrated Monetary Policy Instruments to Address the Economic Fallout from COVID-19":

Copyright remains with the European Parliament at all times.

WP4.21 - The ECB Measures in Support of the Covid-19 Crisis.pdf859.41 KB