Nouriel Roubini is certainly right telling us that much more negative rates are not really viable for the ECB /Markets Insight, FT, 26 February 2020/. However, this does not mean that central banks will run out of bullets.
Hungary became the fallen angel of the EU by 2010. Since then, both the government and the central bank have been using unconventional and targeted means to turn the economy around. These policies resulted in the most efficient crisis management within the EU between 2010 and 2012, and one of the best macroeconomic performances between 2013 and 2019.
Concerted efforts and targeted policies can make economic wonders.
Governor Matolcsy, MNB, the Central Bank of Hungary