ECB Governing Council member Pierre Wunsch said monetary stimulus is “never a piece of cake”. He added, “I can’t promise that when we can start discussing an exit — and I hope we can within a reasonable time frame — that it’s going to be completely smooth.”
Wunsch also said EU’s combination of national and combined fiscal measures has been “appropriate”. Fiscal support is “much more focused than in the U.S. We’ve taken timely, temporary and targeted measures,” he said. “We have automatic stabilizers in Europe that they don’t have in the U.S. So in a way our fiscal response was more efficient.”
