Monetary Policy No Longer Has Control, BNP Paribas Says

The transcript discusses the European Central Bank's (ECB) strategy review, highlighting the shift in control from monetary to fiscal policy in 2020. It emphasizes the challenges faced by central banks due to excess liquidity and the need for fiscal intervention. The ECB's current limitations and the importance of confidence, vaccination, and Brexit in shaping its future actions are also covered.

What is the speaker's view on the material impact of the ECB's actions in the near term?

What factors does the speaker mention that confidence depends on?