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10/29, 2:49 PM (Source: TeleTrader)
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Lagarde: Fiscal response to COVID crisis is critical

European Central Bank President Christine Lagarde said on Thursday that an "ambitious and coordinated fiscal stance" remains "critical" in order to address the sharp contraction in economic activity caused by the coronavirus pandemic.

Speaking at a presser following the ECB's announcement it will hold key interest rates, Lagarde stressed that recent surveys and data point to a significant softening of activity in the fourth quarter of 2020. With this in mind, any future fiscal response to the crisis should be "targeted as much as possible" and "without delay."

Earlier, the ECB indicated it will boost its emergency bond-buying program in December amid the surge in new virus cases and the containment measures introduced in response to the crisis.

Breaking the News / JC