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- ECB Economic Bulletin: Survey indicators suggest a sharp contraction in economic growth and a profound deterioration in labour market conditions
ECB Economic Bulletin: Survey indicators suggest a sharp contraction in economic growth and a profound deterioration in labour market conditions
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The euro area is facing an economic contraction of a magnitude and speed that are unprecedented in peacetime.
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Measures to contain the spread of the coronavirus (COVID-19) have largely halted economic activity in all the countries of the euro area and across the globe.
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Euro area GDP could fall by between 5% and 12% this year, depending crucially on the duration of the containment measures and the success of policies to mitigate the economic consequences for businesses and workers.
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As the containment measures are gradually lifted, these scenarios foresee a recovery in economic activity, although its speed and scale remain highly uncertain.
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The variability depends on the duration of lockdown measures, success of policies
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Headline inflation is likely to decline further in the coming months
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An ample degree of monetary accommodation is necessary for the robust convergence of inflation to levels that are below, but close to, 2% over the medium-term
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