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- EBC's president Lagarde: Inflation has picked up on idiosyncratic events but underlying pressure remains low
EBC's president Lagarde: Inflation has picked up on idiosyncratic events but underlying pressure remains low
- Pandemic continues to constrain activity; near-term outlook remains clouded by uncertainty
- Vaccine underpins expectation of a firm rebound in economic activity
- Governing Council expects PEPP in this quarter to be conducted at significantly higher pace than in Q1
- PEPP envelop need not be used in full if favorable financing conditions maintained; can also be boosted if needed
- GDP was 4.9% below pre-pandemic level at year end
- Incoming data, surveys suggest that economic may have contracted in Q1 but point to resumption of growth in Q2
- Medium-term risks are more balanced
- Headline inflation likely to increase further in coming months
- Inflation expectations are at subdued levels
- Fiscal measures should be targeted and temporary
- We will continue to monitor foreign exchange developments
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