Weekend Reads ECB President suggests further economic aid

13:30  19 october  2020
13:30  19 october  2020 Source:   t3n.de

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The European Central Bank is ready to deploy more monetary stimulus to aid the recovery if needed as the pandemic damps prospects for the economy , according to President Christine Lagarde. Lagarde Says ECB Ready to Act as Pandemic Burdens Economy .

European Central Bank President Christine Lagarde unveiled a calibrated package of stimulus, spearheading the ECB cuts its 2020 forecast, and that’s already outdated, Lagarde says. Source: IMF, European Central Bank . Observers were divided on the overall effectiveness of the package.

The European Central Bank (ECB) could expand its already very extensive economic aid. This is what statements made by ECB President Christine Lagarde to the French daily Le Monde indicate.

EZB-Präsidentin Christine Lagarde ist für dauerhafte staatliche Konjunkturhilfen. © Boris Roessler / dpa ECB President Christine Lagarde is in favor of permanent state economic aid.

At the same time, the Frenchwoman advocates the idea of ​​permanent economic aid from the EU states. Lagarde expressed her concern that the economic recovery from the Corona slump in spring threatens to lose momentum. "Since the countermovement we saw in the summer, the recovery has been uneven, uncertain and incomplete and is now in danger of losing momentum." The ECB will monitor developments over the autumn. Should the situation deteriorate, the central bank could take countermeasures. The monetary policy options have not yet been exhausted. "If more has to be done, we will do more."

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Lagarde Says ECB to Act If Needed as Pandemic Hits Economy . New restrictions being rolled out across the euro area to curb the surge of infections will increase uncertainty for companies and families, European Central Bank President Christine Lagarde said.

European Central Bank President Mario Draghi defended the tools that the organization has available. Speaking at the ECB Forum in Sintra, Portugal, Draghi gave a defiantly dovish tone, saying that if the economic situation deteriorates in the coming months the bank would announce further

The ECB has responded to the corona pandemic primarily with additional securities purchases and extremely cheap long-term loans for the banks. The latter are intended to maintain the flow of credit into the economy. The majority of observers are currently assuming that the ECB will increase its trillion dollar Corona securities purchase program PEPP towards the end of the year.

Furthermore, in Lagarde's opinion, Europe should think about a permanent economic support instrument. Specifically, it is about the Corona development fund of the European Union, which has a volume of 750 billion euros. The instrument is a reaction to an extraordinary situation, said Lagarde. However, she added: "We should discuss the possibility of it remaining in the European toolbox so that it can be used again if similar circumstances arise."

In addition, Lagarde hopes for a common budgetary instrument for the euro area. This request by the ECB is not new. In contrast, the ECB had so far held back in the debate about the EU development fund. The point is whether the considerable financial resources made available by the Corona development fund should represent an entry into a common European financial policy. In Germany, for example, Federal Finance Minister Olaf Scholz stands for this position.

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