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May 19, 2020 The President of the ECB, Christine Lagarde returns to speak in the newspapers on the days when European countries are defining the outlines of the 'recovery fund' and in Italy the moment of parliamentary discussion is approaching on joining the so-called ESM to obtain funds from use against pandemic. 

"The Franco-German proposals are ambitious, targeted and welcome. They pave the way for a long-term debt issue carried out by the European Commission and above all allow us to give significant direct aid to the states most affected by the crisis. There cannot be a strengthening of the financial solidarity without greater coordination of decisions at European level ". The president of the ECB, Christine Lagarde said in an interview granted to Les Echos, Corriere della Sera, Handelsblatt and El Mundo. But this directly calls into question the Stability and Growth Pact, which has run its course and needs to be modernized. The president of the ECB says she is aware of it: "I believe that the terms of the pact, now suspended, must be reviewed and simplified before we think about reintroducing it, when we have come out of this crisis".

"It is important that all countries start again in good condition, using all the tools available." "Since March 18, the date of the pandemic-related program (Pepp), the Italian spread with respect to the German ten-year Bund has fallen sharply, as have Spain and Portugal," observed Eurotower number one and added that "We will not hesitate to adjust if the size, duration and composition of the Pepp is necessary. We will use all the flexibility necessary within our mandate. There is no psychological obstacle to our action", so the president of the ECB , Christine Lagarde, not even after the judgment of the German Constitutional Court. The President of the ECB has returned to underline that Pepp, as well as the previous program, which concerns debt purchases made starting from 2015, are outside the jurisdiction of the German court, but are subject only to the jurisdiction of the European Court of Justice.