" The goal of this temporary program is to respond to the unprecedented situation that our monetary union is facing. It is available to all countries and will continue until we believe the critical phase of the coronavirus is over . " Christine Lagarde , president of the ECB, writes in an editorial published exclusively for Italy by Repubblica.
" We are absolutely ready to increase the size of our asset purchase programs and adjust their composition, to the extent necessary and as long as circumstances require. We will explore all options and scenarios to support the economy for the duration of this shock, "adds Lagarde.
The broad package of measures launched by the ECB between last week's council and last night's extraordinary meeting "underlines the ECB's determination to do its part to support every citizen of the euro area in this time of extreme difficulty. The ECB will ensure that all sectors of the economy can benefit from favorable financing conditions, which will allow them to absorb this shock, "said the president of the ECB.
An "extreme economic shock", an "unprecedented collective public health emergency": this is the impact of the coronavirus in the evaluation of Christine Lagarde, president of the ECB, who in an editorial on Repubblica speaks of an "unsustainable human tragedy that involves Worldwide". The economic shock "requires an ambitious, coordinated and urgent reaction of policies on all fronts to support citizens and businesses at risk".
In an interview with Financial Time , Prime Minister Giuseppe Conte asked the EU to use "all the firepower" of the € 500 billion bailout fund to deal with the continent's economic crisis. In an interview with the Financial Times, Conte highlights how "monetary policy alone cannot solve all the problems" of an "unprecedented global shock". According to Conte, it is therefore time to use the European Stability Mechanism to offer emergency credit lines to countries.
"Monetary policy alone cannot solve all the problems. We have to do the same on the budget front and, as I said, timing is essential. The way forward is to open the Mes credit lines to all member states to help them fight the aftermath of the Covid-19 epidemic , "says Conte with the Financial Times. Conte's request to access the state-saving fund, the newspaper highlights, comes as the world's central banks are trying to calm the markets with aggressive interest rate cuts and bond purchases.