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