Immediately after the outbreak of the current pandemic crisis, the EU developed a (rather) consistent strategy, by taking measures in order to deal with health emergency needs, support economic activity and employment, preserve monetary and financial stability and prepare the ground for recovery; these contain a combination of government fiscal stimuli (with extensive resort to the principle of solidarity), emergency liquidity and monetary policy measures and measures relating to financial stability. After briefly reviewing all these measures from a systematic point of view, the present article further analyses the role of the European Central Bank (ECB) during the first phase of this crisis, both in its capacity as a monetary authority within the Eurosystem and in its capacity as prudential banking supervisory authority within the Single Supervisory Mechanism (SSM), with particular emphasis on the treatment of non-performing loans (NPLs). Its specific contribution to financial macro-prudential oversight within European Systemic Risk Board (ESRB) is also highlighted.

中文翻译：

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欧洲央行应对当前疫情危机：货币政策与审慎银行监管决策

在当前大流行危机爆发后，欧盟立即制定了一项（相当）一致的战略，采取措施应对卫生紧急需求、支持经济活动和就业、保持货币和金融稳定并为复苏奠定基础；这些措施包括政府财政刺激（广泛诉诸团结原则）、紧急流动性和货币政策措施以及与金融稳定有关的措施。在从系统的角度简要回顾了所有这些措施之后，本文进一步分析了欧洲中央银行（ECB）在这场危机的第一阶段的作用，无论是作为欧元体系内的货币当局，还是作为单一监管机制 (SSM) 内的审慎银行监管当局，特别强调处理不良贷款 (NPL)。还强调了它对欧洲系统性风险委员会 (ESRB) 内部金融宏观审慎监管的具体贡献。