Interview with Peter Praet, Member of the Executive Board of the ECB, conducted by Ferdinando Giugliano and Tonia Mastrobuoni on 15 March 2016 and published on 18 March 2016
Interview with La Repubblica

Can I ask you about what's left in the toolbox? Could we see `helicopter drops'?

There has been a lot of skepticism recently about monetary policy, not only in delivering but in saying `your toolbox is empty'. We say, `no it's not true'. There are many things you can do. The question is what is appropriate, and at what time. I think for the time being we have what we have, and it is not appropriate to discuss the next set of measures.

But in principle the ECB could print cheques and send them to people?

Yes, all central banks can do it. You can issue currency and you distribute it to people. That's helicopter money. Helicopter money is giving to the people part of the net present value of your future seigniorage, the profit you make on the future banknotes. The question is, if and when is it opportune to make recourse to that sort of instrument which is really an extreme sort of instrument.

_{It is rightly acknowledged that people of faith have no monopoly of virtue - Queen Elizabeth II}