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  • ECB president Christine Lagarde: We probably have passed the lowest point of the crisis, but cautious about possibility of a second wave of infections
ECB president Christine Lagarde: We probably have passed the lowest point of the crisis, but cautious about possibility of a second wave of infections
26.06.2020, 07:40

ECB president Christine Lagarde: We probably have passed the lowest point of the crisis, but cautious about possibility of a second wave of infections

  • Economic recovery will be sequential

  • The recovery will be a complicated matter, there is a lot of uncertainty

  • Savings grew substantially over the past two months

  • It will take a while before that translates back into investments, spending

  • Central banks have responded to the crisis in a 'massive' way

  • This crisis is worse than the 2008-09 financial crisis

  • The ECB mandate is the same i.e. focus on price stability

  • We have to use instruments that provide the most proportionate response

  • Needed to ensure that there was sufficient liquidity

  • Also needed to make sure that banks could continue lending to the economy

  • For once, monetary policy and fiscal policy worked hand in hand

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