ECB president Christine Lagarde says COVID-19 recession is 'highly unusual' and cautions against excessive optimism over a vaccine
- COVID-19 has produced a highly unusual recession and recovery is likely to be uneven, even with the roll-out of a
vaccine, the European Central Bankpresident, Christine Lagarde, told a meeting of central bankers.
- Lagarde signaled the central bank will continue to support the
eurozoneeconomy and bond-buying is its preferred tool to do so.
- "The recovery may not be linear, but rather unsteady, stop-start and contingent on the pace of vaccine roll-out," she said.
The COVID-19 crisis has produced a highly unusual recession and recovery is likely to be uneven, according to European Central Bank president, Christine Lagarde, who on Wednesday warned against excessive optimism over the short-term impact to the
"While the latest news on a vaccine looks encouraging, we could still face recurring cycles of accelerating viral spread and tightening restrictions until widespread immunity is achieved," Lagarde told the ECB forum on central banking in Frankfurt.
"The recovery may not be linear, but rather unsteady, stop-start and contingent on the pace of vaccine roll-out," she said.
On Monday, US drugmaker Pfizer said a key trial of its COVID-19 vaccine had shown a high degree of success in preventing reinfection. Financial
By Wednesday, the European Commission said it had reached a deal with Pfizer and its German partner, BioNTech, to buy up to 300 million doses of the vaccine, according to Reuters.
Lagarde signaled at the last regular meeting of the central bank that the
"A continued, powerful and targeted policy response is vital to protect the economy, at least until the health emergency passes and vaccination is well advanced. The right policy mix is essential," Lagarde said.
The ECB is keeping
She added: "While all options are on the table, the PEPP and TLTROs have proven their effectiveness in the current environment and can be dynamically adjusted to react to how the pandemic evolves. They are therefore likely to remain the main tools for adjusting our monetary policy."
Large swathes of the eurozone are back under lockdown, with partial or full national restrictions in place in major economies such as Germany, France, Ireland, Spain, and Italy.
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