The European Central Bank will struggle to fight the next recession on its own, former IMF chief economist Olivier Blanchard told.

“I am nearly sure that the ECB cannot by itself at this point fight a recession, that it will need help, it is fairly obvious,” Blanchard told.

He explained that the question is not so much the lack of available tools, but more their actual impact on the market.

“They have a lot ammunition, the question is how much it kills, because they can really buy assets in large quantities, but it may at this stage have little effect on the rates, which is what matters in the end,” Blanchard added.

Blanchard also said that “monetary policy needs help from fiscal policy.” However, different analysts have raised doubts whether governments will do their part in the near future, given that the structural reform effort was not quite there in the aftermath of the 2011 sovereign debt crisis.