Euro zone economy not yet out of danger from coronavirus: ECB's Panetta

FILE PHOTO: Fabio Panetta, director of international and European relations at the European Central Bank, attends the award ceremony for the Order of Merit of the Federal Republic of Germany at Bellevue Palace in Berlin, Germany, January 31, 2020. Picture taken January 31, 2020. REUTERS/Annegret Hilse

BERLIN - The danger for the euro zone from the coronavirus pandemic is not yet over, European Central Bank board member Fabio Panetta told La Repubblica, adding that he saw no need to make any tweaks to the bank’s bond-buying programme. “It’s too soon to declare victory,” Panetta said in the interview circulated by the ECB, adding that the euro zone economy was likely to contract further in the second quarter than the first.

He pointed to recent data that has shown an improvement in industrial production and retail sales but added: “They don’t give us sufficient grounds for satisfaction.” On the ECB’s Pandemic Emergency Purchase Programme , he said: “The programme is working well, and I don’t see any economic reasons to change our decisions or actions.”

this covid-19 is having bad effects on the economy of the World. I just pray for viable covid-19 vaccines to be discovered as soon as possible.

Are you for real? They were in turmoil before Cov, now they are terminal.

Indeed. Brussels remains untouched. Public sector has to be reduced.

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