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March 12, 2020 "Although this shock is ultimately temporary in nature, it will have a significant impact on economic activity." ECB president Christine Lagarde said this at a press conference."The spread of coronavirus has been a major shock to the growth prospects of the global economy and the euro area and has increased market volatility."
"An ambitious and coordinated fiscal policy response is needed to support businesses and workers at risk."
"Together with the important monetary policy stimulus already in place, these measures will support the liquidity and financing conditions of households, businesses and banks and will help to preserve the regular supply of credit to the real economy."
"We will continue to closely monitor the implications of the spread of coronavirus for the economy, for medium-term inflation and for the transmission of monetary policy."
"Based on the sharp decline in current and futures oil prices, core inflation is likely to decline considerably in the coming months."
"The growth prospects for the euro area are clearly downward due to the existing risks."