5/18, 12:36 PM (Source: TeleTrader)
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ECB's De Cos: COVID-19 impact to be prolonged

The economic impact of the coronavirus-induced economic crisis will last longer than initial forecasts had predicted, Bank of Spain Governor and European Central Bank Governing Council Member Pable Hernandez de Cos said on Monday.

He went on the criticize the European Union's response to the coronavirus pandemic, saying that more needed to be done to help the European economy. De Cos added that the ECB needs to act and avoid any potential fragmentation within Europe.

In March, De Cos described the shock to the economy is seen as "temporary." However, the ECB has predicted in the meantime that the Eurozone gross domestic product will contract by 5% to 12% in 2020 as a result of the crisis.

Breaking the News / VP