Coronavirus represents a new form of economic shock that cannot be tackled using the textbooks of the past. In a post on #TheECBBlog, I outline how the @ECB’s policies are designed to reach those most exposed to this crisis ecb.europa.eu/press/blog/dat… (1/3) 
Our response will be made more powerful if all policies reinforce each other. It is vital that the fiscal response to this crisis is undertaken with sufficient force in all parts of the euro area (2/3)
Full alignment of fiscal and monetary policies - and a level playing field against the virus - is the best way to protect our productive capacity and employment, enabling us to return to sustainable growth and inflation rates once the coronavirus outbreak passes (3/3)
