ECB Governing Council member Klass Knot said “as the current low interest rate environment is likely to persist, we need a structurally larger role for fiscal policy in macroeconomic stabilization for the foreseeable future.”
He hailed that the EUR 800B recovery fund was a “big step in the right direction”. “If it becomes a tangible success, it would of course set a precedent, with the promise of more to come.”
