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ECB President Christine Lagarde vows to act “ with determination ” against second wave



With its massive majority buyback PEPP operation for government securities triggered at the start of the Covid-19 pandemic, the European Central Bank (ECB) preserves financial stability and maintains cheap financing conditions, its president reaffirmed Thursday, November 19, Christine Lagarde. Press conference #ECB #Lagarde #eudebates #Economie #ECON #Eurozone #Euro #ESM #eudebates Thursday’s meeting was the fourth and last time MEPs would meet with President Christine Lagarde in 2020. Opening the discussion, Ms. Lagarde took a pessimistic tone the economic outlook for the EU due to the lingering effects of the pandemic. She also insisted, however, that the ECB’s standard tools and those specifically put in place to deal with the exceptional situation, as well as other actions at EU level, had avoided a much worse situation. Ms Lagarde also insisted that Member States should launch an economic recovery program focused on public investment. While MEPs broadly agreed that exceptional times demanded exceptional action, some feared the ECB was on the verge of exceeding its mandate, while others felt there was an urgent need for the ECB to consider to use additional tools. This difference in approach also concerned the question of whether the ECB should specifically target climate change, notably by buying more green bonds. MEPs also worried whether easing the conditions on the ECB’s Targeted Long-Term Refinancing Operations (TLTRO) program has become another way of financing banks rather than meeting its original goal, that of facilitating loans to the real economy. In light of the protracted recession, some MPs questioned the role of the Stability and Growth Pact in its current format, while others asked Ms Lagarde whether the debt should be canceled in some form. . Finally, the recent blocking of the EU’s long-term budget by Hungary and Poland was also brought up by MEPs, who hinted that the ECB Governing Council may have reason to consider the negative repercussions potential for the euro zone economy. #eudebates I would also like to express my support and sympathies to all those people who are suffering from COVID-19. #eudebates # Covid_19 #coronavirus #Corona # COVD19 #Health #COVID #vaccine This applies, clearly, to those who are losing loved ones and those who are suffering themselves, as we keep talking about COVID-19 as if it was something totally external. But clearly it has an impact on people and I just want, on behalf of the Governing Council as well, to express our sympathy to all of you. ECB leaves rates unchanged, but stimulus signals could come in December as COVID-19 penetrates economy The European Central Bank kept euro area interest rates unchanged on Thursday, but reported that it may be willing to provide additional support to the economy, as a second wave of the coronavirus pandemic has forced lockdowns in powers in the region, like Germany and France. The ECB left rates unchanged at 0.0%, as expected, and said it would keep its existing asset purchase program at € 1.35 trillion. In its statement, the ECB said the current risks to the economy were “clearly on the downside” and that bank staff would reassess their economic outlook at this point and assess whether further action was needed. “On the basis of this updated assessment, the Board will recalibrate its instruments, as appropriate, to deal with the evolving situation and to ensure that the financing conditions remain favorable to support the economic recovery and counteract the negative effects of the pandemic on the project’s inflation path, “the ECB said in a statement. ECB President Christine Lagarde said at a press conference following the decision that the dynamics of the euro zone economy were deteriorating faster than expected and that the central bank would not hesitate to act. “The circumstances will justify the recalibration and the implementation of this recalibrated package”, he said. she said. The bank said it expects headline inflation to likely remain negative until early 2021, due to weak demand, although it expects a likely rise. consumer prices medium term, once the impact of COVID-19 has abated. The latest set of data showed activity in the service and manufacturing sectors is slowing and confidence is declining. A number of analysts have already cut their growth forecasts for European gross domestic product accordingly. #eudebates.
#ECB #President #Christine #Lagarde #vows #act #determination #wave

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