Remarks by ECB executive board member, Isabel Schnabel
- Fiscal and monetary policy will remain crucial
- Must not be withdrawn prematurely
- ECB is monitoring market developments closely
- Euro area much better able to deal with lockdowns now
- Second lockdown has less severe consequences than the first one
- Full interview
There isn't much that hasn't been said before or already communicated to the market previously. Schnabel does add that the risks are still tilted to the downside in the short-term but there is "light at the end of the tunnel" - pointing to the vaccination program and potential positive spillovers to the euro area coming from Biden's fiscal package as well.
