The ECB released account of its April 29-30 monetary policy meeting. It noted that:

• There was evidence that the PEPP had established itself as an important anchor of stability for euro area bond markets beyond the initial effects of the announcement
• Monetary policy measures taken in March had provided forceful monetary accommodation in rapidly evolving environment and succeeded in safeguarding the ECB’s monetary policy stance and effective monetary policy transmission across the euro area
• Fiscal policy also needed to play essential role to address problems
• ECB members concerned that economic scenarios may become outdated in the light of evolving conditions
• The “mild” scenario is probably too optimistic; however, it is too early to conclude that the “severe” scenario presented by ECB staff is the most likely
• Looking beyond the immediate disruption stemming from the coronavirus pandemic, euro area growth was expected to resume as the containment measures were gradually lifted, supported by favourable financing conditions, the euro area fiscal stance and a resumption of global activity