Isabel Schnabel, a member of the ECB's executive committee, said policymakers were determined to achieve inflation in line with the ECB's 2 per cent target.
Our commitment to take the necessary actions to fulfil our responsibilities should never be called into question-whether in times of crisis or in more ordinary times.
"an unusual crisis requires an unusual response-this is at the core of the principle of proportionality that underpins all our policies."
This in turn means that as the economy enters quieter waters, we will continue to adjust our tools appropriately.
Europe's joint fiscal response could be the first step towards greater integration.
If successful, this could pave the way for a more counter-cyclical, more European fiscal framework.