GERMANY - ECB: Economic recovery will take considerable time

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The eurozone economy will need time to recover from the shock caused by the COVID-19 pandemic, ECB chief economist Philip Lane warned today.

"Continuing uncertainty about the evolution of the pandemic is diminishing business sentiment," he said, citing real and expected declines in employment and incomes.

"Furthermore, banks are expected to tighten lending standards for companies, while state credit schemes are not included," Lane added.

According to him, these factors help explain why the economy will need a considerable amount of time to fully recover from the pandemic shock, as well as why important support of fiscal and monetary policy is needed.

 

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