Europe’s central banker: Recovery ‘risks losing momentum’

20 Octobre, 2020, 17:39 | Auteur: Auguste Feret
  • They wanted to make the plan to save the European economy forever

European Central Bank (ECB) chief Christine Lagarde said on October 18 it was "crucial" for the EU's 750-billion-euro coronavirus recovery plan to succeed as new epidemic-busting measures weigh heavily on the bloc's economy.

Christine Lagarde was quoted as saying in an interview with the French newspaper Le Monde that "the second wave of the pandemic in Europe, notably in France, and the resulting new restrictions are adding to the uncertainty and weighing on the recovery".

While the ECB has long called for a common euro-area budget, Ms La-garde's remarks appear to go beyond her previous acknowledgment that the recovery fund is a "one-off" - a point she made in the European Parliament last month.

That was in response to a question from a Dutch lawmaker asking if she believed the fund should be permanent, which the Netherlands strongly opposes.

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"What is worrying is the large-scale borrowing at the European Union level", Weidmann, who also sits on the ECB's Governing Council said in a speech.

Fiscal support has been a key plank in containing the region's economic crisis, alongside monetary stimulus.

Asked about concerns that the rescue funds may arrive too late, Lagarde said: "The European Commission's objective is to be able to disburse the money at the beginning of 2021 and that absolutely has to be kept to". "If more has to be done, we will do more". She added: "Since the rebound we saw over the summer, the recovery has been uneven, uncertain and incomplete and now risks losing momentum. We will keep a close watch on indicators throughout the autumn".

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