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ECB Lagarde Says Heightened Uncertainty Means Stimulus Key
Thursday, 16 July 2020 20:25 WIB | FISCAL & MONETARY | ECBLagarde

European Central Bank President Christine Lagarde, warning of œelevated uncertainty and slack in the economy because of the coronavirus, pledged to continue taking whatever steps needed to shore up growth and inflation.

The ECB chief spoke after her Governing Council agreed on Thursday to keep their pandemic bond-buying program unchanged at 1.35 trillion euros ($1.5 trillion) and the deposit rate at -0.5%.

Lagarde said the central bank currently expects to spend the full amount of its bond program, in apparent contrast to some policy makers, including her Executive Board colleague, Isabel Schnabel, who recently said the full amount may not be needed.

Risks to the outlook remain œto the downside, Lagarde said. œThe Governing Council remains fully committed to doing everything necessary within its mandate to support all citizens of the euro area through these extremely challenging times.

With coronavirus cases contained in most of Europe and economies reopening, officials have time to judge whether the recovery will be sustained.

Still, the outlook remains fragile and much depends on whether European Union leaders can settle their differences over a groundbreaking 750 billion-euro recovery fund when they meet in Brussels on Friday.

Source : Bloomberg

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