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ECB will assess the need for further monetary easing in December

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President of the European Central Bank Christine Lagarde presented the outcome of this month’s governing council today (29 October).

Lagarde said that the resurgence in coronavirus (COVID-19) infections presents renewed challenges to public health and the growth prospects of the euro area and global economies. The rise in COVID-19 cases and the associated intensification of containment measures are weighing on activity, constituting a clear deterioration in the near-term outlook. While activity in the manufacturing sector has continued to recover, activity in the services sector has been slowing. 

Since the risk is clearly tilted to the downside, the Governing Council is assessing the incoming information, including the dynamics of the pandemic, prospects for a rollout of vaccines and developments in the exchange rate. Lagarde said that on the basis of this updated assessment, the Governing Council will recalibrate its instruments, as appropriate, to respond to the unfolding situation and to ensure that financing conditions remain favourable to support the economic recovery and counteract the negative impact of the pandemic on the projected inflation path.

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