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- ECB's President Lagarde: ECB will carefully assess the euro's effect on inflation
ECB's President Lagarde: ECB will carefully assess the euro's effect on inflation
- There is no need to overreact to euro gains
- We have to monitor carefully exchange rate, discuss extensively
- Strength of recovery remains surrounded by uncertainty
- Rebound broadly in line with previous expectations
- Domestic demand recorded significant recovery
- Uncertainty weighing on consumer spending and business investment
- Inflation dampened by energy prices
- Ample monetary stimulus remains necessary
- Incoming data suggest notable recovery in consumption
- Over the medium term, recovery in demand will put upward pressure on inflation
- Coronavirus case infections constitute headwinds to short term outlook
- Further sustained recovery highly dependent on the evolution of pandemic
- Projections also include alternative scenarios
- Growth risks tilted to the downside
- Headline inflation is expected to remain negative in the coming months
- Inflation to turn positive in early 2021
- ECB sees 2020 GDP contraction at 8.0% (versus -8.7% projected in June), 2021 GDP growth at 5% (versus 5.2% in June) and 2022 GDP growth at 3.2% (versus 3.3% in June)
- ECB sees 2020 inflation at 0.3% (versus 0.3% forecast in June), 2021 inflation at 1% (versus 0.8% in June) and 2022 inflation at 1.3% (versus 1.3% in June)
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