Ecb press conference lagarde

Now, let me remind you that OMT was conceived back in and there was full publication about the terms and conditions and characteristics of OMT. These operations will support bank lending to those affected most by the spread of the coronavirus, in particular small and medium-sized enterprises. Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. PM Johnson will announce his decision on extending the lockdown on Sunday. Immediately after the meeting, the President and the Vice President of the ECB explain the decision at the press conference and answer questions from journalists. Read more about our statistics.

We also decided to create a new instrument that we call PELTRO; the Pandemic Emergency Longer-Term Refinancing Operation, which is intended to support liquidity conditions to the entire euro area, to the entire financial system, to contribute to preserving the smooth functioning of money markets by providing effectively a liquidity backstop. So within our mandate and with these two principles in mind, we will adjust as and when needed. These measures altogether form a really powerful package and are providing crucial support to the euro area economy, notably to those sectors most exposed to the crisis. The Governing Council stands ready to adjust all of its instruments, as appropriate, to ensure that inflation moves towards its aim in a sustained manner, in line with its commitment to symmetry. ECB's plan to support eurozone banks is underwhelming. Press conference Press conference on YouTube Photos. Statistics BIS statistics on the international financial system shed light on issues related to global financial stability.

We are always working to improve this website for our users. We will determine based on the development of circumstances and the success in containing and delaying the spreading of this virus how and when and at what speed, and under what circumstances, and using what tools, we will be able to have our deliberations within the Governing Council; but more importantly our reach-out effort, in order to include academics, non-governmental organisations, members of parliament, and representatives of civil society at large. I think clearly, in the short and medium term, we are seeing inflation expectations and forecasts that are significantly lower than what we had seen. Central bank hub The BIS facilitates dialogue, collaboration and information-sharing among central banks and other authorities that are responsible for promoting financial stability. President Lagarde: Our mandate is price stability, and, clearly, in the face of the current circumstances we have to use all the tools that we have available in order to almost surgically support and contribute our part to this collective approach that is badly needed. Permanent character of the crisis: we certainly hope that this is not the case.

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High spreads due to the coronavirus impair the transmission of monetary policy. I am not closing off anything in that respect, but we have not discussed it in the Governing Council. What would you say to them? It will not end earlier than the end of calendar year but depending on the length of the crisis — and this will be the determination of the Governing Council — it might be extended further than the end of Following are highlights of ECB President ChristineLagarde's comments at a press conference after the bank's policymeeting. In view of current developments, the Governing Council will continue to monitor closely the implications of the spread of the coronavirus for the economy, for medium-term inflation and for the transmission of its monetary policy.
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I call it decisiveness, I'm sorry to say. This rate can be significantly below our policy rate. All News. As I said already, we have been very, very clear — and if I need to repeat it again, I will repeat it again — we will not accept fragmentation of monetary transmission in the euro area or any pro-cyclical tightening of financing conditions. E-mail Password Remember Forgot password? Even if ultimately temporary in nature, it will have a significant impact on economic activity. This assessment is only partly reflected in the March ECB staff macroeconomic projections for the euro area, as their data cut-off date predates the most recent rapid spread of the coronavirus to the euro area.
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I'm saying all that to you to address your questions because as one of the decisions that we made and that I just commented, we decided to enlarge the pool of collateral by effectively freezing ratings where they were on April 7 th. As I said earlier, OMT is not necessarily best suited for the present contingencies. The Governing Council strongly supports the commitment of euro area governments and the European Institutions to joint and coordinated policy action in response to the repercussions of the spread of the coronavirus. Premium FT. The sharp downturn in economic activity is expected to lead to negative effects on underlying inflation over the coming months. I'm not sure that you can actually so much rival with that at the moment, and by the way, comparisons are odious. This applies first and foremost to our role in ensuring that our monetary policy is transmitted to all parts of the economy and to all jurisdictions in the pursuit of our price stability mandate.
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Just to be clear, because you just said that the Governing Council did not discuss APP; I was wondering, was there any discussion about increasing or adjusting the size and composition of PEPP? Those are the three goals we're pursuing. OMT is in the toolbox, it is there but given the symmetry of the shock, clearly the Pandemic Emergency Purchase Programme is designed specifically to that end; to make sure that the monetary stance reaches its goals, monetary policy is transmitted throughout the euro area. The sharp downturn in economic activity is expected to lead to negative effects on underlying inflation over the coming months. It is associated with a threshold that banks have to demonstrate they are reaching.
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Lagarde: All right, the yield curve control policy: as I just said, I think the combination of tools that we are using at the moment enables us to operate across the entire curve and to actually deal with all maturities. Taking into account the developments in the oil price market, do you foresee that the current stimulus is sufficient to maintain and to secure price stability going forward over the next few months? Is the ESM, for example, a good source to deploy funds, also, on a eurozone level? Emirates to raise debt as it doesn't see travel recovering for at least 18 months. Is it to add monetary stimulus to ease credit frictions? President Lagarde: Well, Italy will be - Italian banks, Italy, Italian households, Italian enterprises - will be fully beneficiaries and eligible to all the tools that I have just mentioned, whether it's the massive liquidity access at very reasonable and preferential rates compared with what we have now, or whether it is the targeted long-term refinancing at very attractive rates as well, or whether it's the use of the special envelope of the asset purchase programmes, all of that can also help Italy, of course.
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Ecb press conference lagarde:

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