“We do not see this relaxation as having any major positive effects on the economic outlook,” Bank of America economists Ruben Segura-Cayuela and Laurence Boone said in a report titled “Fiscal easing: don’t get your hopes up.”
As for the ECB, Draghi said its role is “going to be mostly catalytic,” since it works with the European Investment Bank and the European Commission, the EU’s executive arm. “It’s going to be very much up to these actors to act, rather than the ECB. So European Commission, the EIB and national governments.”