Comments by ECB governing council member, Robert Holzmann
- It was impossible for ECB to meet market expectations
- Crisis can have a cleansing effect for the economy
- Sees ECB consensus that the crisis needs fiscal measures
Technically, he's not wrong because they're already digging at the bottom of the barrel now. But the current issues stem all the way back to how they handled the debt crisis and everything else over the past decade. No doubt, lawmakers are also part of the issue.
This looks like the ECB has thrown in the towel and it's now over the governments to make the next move in tackling the economic fallout from the coronavirus outbreak.
