The European Central Bank has boosted its coronavirus support program to $1.5 trillion in an effort to keep affordable credit flowing in the Eurozone.
The European Central Bank has boosted its coronavirus emergency support program by an unexpectedly large 600 billion euros to 1.35 trillion euros in an effort to keep affordable credit flowing to the economyThe new stimulus comes on top of added spending by European governments and similar efforts by the U.S. Federal Reserve, the Bank of England, the Bank of Japan and others around the globe as the world tries to cope with a sharp, simultaneous blow to both developing and rich economies.
The central bank for the Eurozone, comprising the 19 countries that use the euro, also extended its monetary stimulus program from the end of 2020 to at least the end of June next year. The bank expects the Eurozone economy to shrink by a painful 8.7% this year and to recover by a more modest 5.2% in 2021. ECB President Christine Lagarde warned that “the speed and scale of the rebound are highly uncertain.”Lagarde removed a face mask as she walked into an empty press room Thursday at the bank’s skyscraper headquarters in Frankfurt for the online news conference after the policy meeting of the bank’s 25-member governing council, which was conducted by teleconference.
She cautioned that even though lockdown measures are being eased, a significant rebound was not yet in sight. “While survey data and real-time indicators for economic activity have shown some signs of a bottoming-out alongside the gradual easing of the containment measures, the improvement has so far been tepid compared with the speed at which the indicators plummeted in the preceding two months,” she said.
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