Introductory statement by Christine Lagarde, President of the ECB, at the ECON committee of the European Parliament (by videoconference)
Brussels, 8 June 2020
Madam Chair,
Honourable members of the Economic and Monetary Affairs Committee,
Ladies and gentlemen,
I very much appreciate the opportunity to speak to you today at my quarterly hearing before this Committee as ECB President. These regular exchanges are important at the best of times, and even more so when times are difficult.
Since the last monetary dialogue in early February, Europe has entered a crisis of an unprecedented scale. A crisis that is of no one’s making and that affects all EU Member States. Overcoming the crisis and mastering the recovery will require extraordinary action at both national and EU level.
In my remarks today I will provide an overview of the economic outlook for the euro area and explain the ECB’s recent monetary policy decisions in response to the coronavirus (COVID-19) crisis. I would then like to share some considerations on the policies needed to support the European recovery.
I will also say a few words on the international role of the euro – one of the topics chosen for today’s meeting. For more insights and analysis, however, I would like to refer you to the report that will be published on the ECB’s website later this week.
Conclusions
Our common response to this crisis, if used to effectively direct investment towards strategic priority areas, can be a catalyst for realising Europe’s longer-term vision.
Ensuring a successful recovery will require all EU institutions to do their part. I very much welcome the European Parliament’s call for an ambitious European response. I count on this house and this Committee to design a strong and effective Multiannual Financial Framework.(...)
At the same time, you can rest assured that the ECB will within its mandate continue to support the recovery with all appropriate measures.
Brussels, 8 June 2020
Madam Chair,
Honourable members of the Economic and Monetary Affairs Committee,
Ladies and gentlemen,
I very much appreciate the opportunity to speak to you today at my quarterly hearing before this Committee as ECB President. These regular exchanges are important at the best of times, and even more so when times are difficult.
Since the last monetary dialogue in early February, Europe has entered a crisis of an unprecedented scale. A crisis that is of no one’s making and that affects all EU Member States. Overcoming the crisis and mastering the recovery will require extraordinary action at both national and EU level.
In my remarks today I will provide an overview of the economic outlook for the euro area and explain the ECB’s recent monetary policy decisions in response to the coronavirus (COVID-19) crisis. I would then like to share some considerations on the policies needed to support the European recovery.
I will also say a few words on the international role of the euro – one of the topics chosen for today’s meeting. For more insights and analysis, however, I would like to refer you to the report that will be published on the ECB’s website later this week.
Conclusions
Our common response to this crisis, if used to effectively direct investment towards strategic priority areas, can be a catalyst for realising Europe’s longer-term vision.
Ensuring a successful recovery will require all EU institutions to do their part. I very much welcome the European Parliament’s call for an ambitious European response. I count on this house and this Committee to design a strong and effective Multiannual Financial Framework.(...)
At the same time, you can rest assured that the ECB will within its mandate continue to support the recovery with all appropriate measures.
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