6/4, 3:02 PM (Source: TeleTrader)
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Lagarde: PEPP prevented 'downward spiral' in financial markets

European Central Bank (ECB) President Christine Lagarde claimed on Thursday that the pandemic emergency purchase programme (PEPP) prevented "spiral downward in financial markets," adding it brings "more benefits than costs" to the Eurozone's economy.

According to her, the ECB Governing Council unanimously agreed on a need for taking additional action to support the euro area's economy amid the coronavirus crisis.

In a speech after the ECB's interest rate decision, Lagarde asserted the central bank is "subject to the jurisdiction of the Court of Justice of the European Union (CJEU)," referring to the ruling of the German Constitutional Court that found the ECB's bond purchasing program unconstitutional. However, she expressed hope it will be possible to find "a good solution that will not compromise ECB's independence."

Breaking the News / GA