ECB president Christine Lagarde begins her Q&A session

  • Economic contraction now seen somewhere between 'medium' and 'severe' scenario
  • It is very hard to forecast how badly the economy has been affected
  • ECB primary objective is to ensure price stability
  • ECB had to resort to exceptional measures to make sure there is plenty of liquidity

For some context, these are the scenarios in which she is referring too. She is sort of "dumbing down" her explanation of policy measures and what not in her other remarks at the moment. I'll update separately if we do hear of anything else that is notable.