ECB President: "Additional Stimulus Ready" Amid Europe's COVID Resurgence

Christine Lagarde, President of the ECB
Photo by Reuters Yonhap News

[Asia Economy Reporter Jeong Hyunjin] Christine Lagarde, President of the European Central Bank (ECB), stated that she is ready to implement additional economic stimulus measures to prevent an economic slowdown caused by the resurgence of COVID-19 in Europe.

On the 15th (local time), President Lagarde appeared on CNBC and said, "The resurgence of COVID-19 is clearly visible," adding that several member states are also considering further expansion of fiscal spending. She said, "We have many tools at our disposal, such as interest rates and asset purchases," and added, "We are on standby."

President Lagarde also emphasized her willingness to respond actively, saying, "We are seeing a resurgence of COVID-19 in Europe," and "Although we have done a lot so far, if the situation worsens and more measures are needed, we will do what is necessary."

Recently, Europe has seen a rapid increase in COVID-19 cases, with confirmed cases exceeding 7.4 million and deaths reaching the 250,000 mark. Hospitalizations are also rising quickly. CNBC reported that the ECB, led by President Lagarde, is reviewing the appropriateness of its central bank strategy, including the 2% inflation target, for the first time in about 20 years.

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