Comments by ECB president, Christine Lagarde

  • Incoming economic data have started to show unprecedented falls
  • Points to a large contraction in output in the euro area
  • ECB will explore all options and contingencies to support the economy
  • Recent policy actions have helped to improve conditions for funds
  • Central banks have taken coordinated action to enhance provision of USD liquidity
  • ECB has also agreed to swap line arrangements to provide euro liquidity
  • Assessing further requests for euro-providing swap lines

In terms of policy action, the ECB has done what they can already for the time being. As such, they may stay on the sidelines until the effects of their PEPP launch wears off.

The full statement by Lagarde can be found here.