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12/16/2020, 6:25 PM (Source: TeleTrader)
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Public support for euro is high - ECB's Schnabel

European Central Bank (ECB) Executive Board member Isabel Schnabel (pictured) said on Wednesday that "public support for the euro is high, even in crisis periods," citing survey data.

On the other hand, public trust in the ECB dropped significantly since the coronavirus-pandemic sparked the financial crisis felt around the world, she also said at a seminar hosted by the Hamburg Institute for Social Research. The ECB should look to improve its communications and clarify its mandate to the public, which would lead to the rebuilding of the trust and a subsequent "direct" positive effect on the bank's monetary policy, namely inflation stabilization and the effectiveness of monetary policy measures, Schnabel added.

On fiscal policy, she noted that the funds from the Next Generation EU recovery package should be utilized "as productively as possible to sustainably" and positively attribute to the "growth potential" of the European Union member countries.

Baha Breaking News (BBN) / MS