ECB’s De Guindos: Ready to recalibrate unconventional measures against coronavirus

European Central Bank (ECB) Vice President Luis de Guindos said in a newspaper interview on Wednesday, the central bank is ready to recalibrate unconventional measures and plans against coronavirus pandemic.

Additional quotes

“Main antidote to pandemic will not be monetary policy but rather government reforms, fiscal policies.”

“Worried about two-speed recovery in Europe after coronavirus pandemic.”

“ECB acted rapidly and effectively, negative effects of coronavirus on Europe would have been contained if the European Union (EU) more complete on economic and monetary level.”

“Level of uncertainty is still very high, especially over what could happen after summer.”

“Europe has to prepare for the worst, hope for the best, return of virus is a concrete possibility.”

“Spending is only alternative in short-term, but after emergency Italy, like other high-debt countries, must tackle issue of sustainability of public accounts.”

Market reaction

Despite the ECB policymakers noting that the central bank stands ready to do whatever it takes to boost the economy; the shared currency remains unimpressed.

At the press time, EUR/USD drops 0.10% to prints fresh session lows at 1.1216.

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