"I am truly convinced that the European Union's response to the crisis has been impressive, coordinated and decisive. The speed of the response has been impressive compared to what happened during the past great financial crisis." ECB President Christine Lagarde said this in a conversation on the global economy at the State of the Union 2021 at the European University Institute in Florence.
"If you combine the fiscal stimulus packages with those of the euro area, together with the automatic stabilizers, we are at almost 7% of GDP" of budgetary expansion, explained Lagarde. "And it is a fact that monetary policy has contributed over 2% of GDP by supporting over two million jobs."