Statement by Christine Lagarde, President of the ECB, at the forty-first meeting of the International Monetary and Financial Committee

Statement by Christine Lagarde, President of the ECB, at the forty-first meeting of the International Monetary and Financial Committee

The coronavirus (COVID-19) pandemic is a truly global challenge. Countries all around the world are having to deal with its severe human and economic consequences. In the euro area, we have taken decisive action to mitigate the impact of the crisis over recent weeks. However, a global challenge of this nature also needs to be met with global solutions. (...)
European responses to the coronavirus shock
Fiscal and structural policies should be targeted at enhancing the European countries’ capacity to deal with the economic and social impact of the coronavirus pandemic and to support the subsequent economic recovery. We welcome the initiatives already taken by European governments and European institutions to ensure sufficient healthcare resources and to provide support to affected companies and employees. These will help in securing employment and safeguarding the survival of productive firms. We also welcome the provision of credit guarantees. Such actions should help to complement and reinforce the unprecedented monetary policy measures taken by the ECB’s Governing Council in response to the crisis. (...)