ECB'S Lagarde says full alignment of fiscal and monetary policies needed

ECB President Lagarde

• says full alignment of fiscal and monetary policies needed in coronavirus crisis; solidarity is self-interest
• says vital that the fiscal response to this crisis is undertaken with sufficient force in all parts of the euro area
• says essential to prevent viable firms from folding and employees from losing their jobs
• says economy must be put "on hold" during crisis to avoid lasting damage

Managing the fiscal response of all the independent states in the EU is a challenge, not one faced by the ECB. Lagarde pretty much stating the obvious and is not in a position to do much on the fiscal response other than plead.

Eurozone Finance ministers failed to reach agreement on the fiscal response, talks are set to continue on Thursday. 'Coronabonds' are a sticking point, and not the only one.