- ECB's president Lagarde: Virus resurgence presents new challenges
Market news
29 October 2020
ECB's president Lagarde: Virus resurgence presents new challenges
- Says incoming data signals that recovery losing momentum faster than expected
- Containment measures weigh on activity
- Consumers are cautious in light of pandemic
- Cites clear deterioration in near-term outlook
- Says uncertainty about outlook weighs on investment
- Commits to keeping programs in place at least until covid is over
- Says economic developments are uneven in different sectors
- Recent hard data, surveys point to significant softening in activity in Q4
- Headline inflation to remain negative until early 2021
- Near-term price pressures to remain subdued
- Recovery in demand to put upward pressure on prices
- There should be no delay in next-generation EU package
- Policy change was not discussed at this meeting
- Recalibration means looking at all our instruments; don't assume it will be one instrument, we will look at them all
- We acted for the first wave, we will act for the second wave
- Emphasizes unanimity in the Governing Council to take action at the next meeting
- Q3 GDP data might surprise on the upside"
- Q4 growth will be on the downside
- November expected to be very negative
- We will be very attentive to impact of pandemic on risks
- Banks are anticipating tighter lending conditions
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