ECB's Philip Lane says Eurozone economy unlikely to recover until 2021

The coronavirus-hit Eurozone economy is unlikely return to its pre-pandemic levels until next year at the earliest, European Central Bank (ECB) chief economist Philip Lane told El Pais newspaper. “From today’s perspective, it looks in any case unlikely that economic activity will return to its pre-crisis level before 2021, if not later,” he said.

If we see that financial conditions are too tight, or the pressure on individual bond markets is not reflecting economic fundamentals, we can adjust the size or duration of our purchases, which we can anyway allocate flexibly over time and market segments.

Philip Lane, chief economist ECB

Lane said the ECB was constantly monitoring the situation and was ready to adjust all of its instruments if that proved necessary. He added that the ECB’s Pandemic Emergency Purchase Programme, which was launched in March to the tune of €750 billion, could be adjusted.

Image: ECB

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Gary Cartwright

Gary Cartwright

Gary Cartwright is publishing editor of EU Today.

An experienced journalist and published author, he specialises in environment, energy, and defence.

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