Economic recovery will be sequential
The recovery will be a complicated matter, there is a lot of uncertainty
Savings grew substantially over the past two months
It will take a while before that translates back into investments, spending
Central banks have responded to the crisis in a 'massive' way
This crisis is worse than the 2008-09 financial crisis
The ECB mandate is the same i.e. focus on price stability
We have to use instruments that provide the most proportionate response
Needed to ensure that there was sufficient liquidity
Also needed to make sure that banks could continue lending to the economy
For once, monetary policy and fiscal policy worked hand in hand
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