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September 28, 2020

Economic activity in the euro area rebounded in the third quarter, but the recovery remains incomplete, uncertain and uneven.

And the health crisis "will continue to weigh on business and pose risks of worsening economic prospects".

This was indicated by ECB President Christine Lagarde at the hearing in the Economic Affairs Committee of the European Parliament.

Lagarde confirmed that the central bank "continues to be ready to adjust all instruments as appropriate to ensure that inflation moves towards its target in a sustained manner".

Lagarde did not provide any news either in the analysis of the economic situation or on monetary policy moves, reiterating that in the following "she will evaluate all information including that on exchange rate developments in relation to its implications for the outlook for medium inflation. term".

The ECB president added that the strength of the monetary response to the crisis depends in part on the ability of the central bank to act "in full independence".

Regarding the transparency of the ECB, Lagarde announced that from now on she will publish the opinions of the ethics committee of the central bank for the cases of conflict of interest and the remuneration of members of the ECB executive committee, the board of governors and the board of banking supervision after the term of office has expired.

An issue that MEPs are very sensitive to.

Recovery fund, using the funds on time and for growth


"It is now important to ensure that the funds of the Next Generation EU are used not only on time, but also in a way that increases long-term growth and supports European goals. , Next Generation EU could be the 'game changer' Europe needs, in terms of modernization, resilience and prosperity "said Lagarde.

The schemes to safeguard jobs, such as the redundancy fund and public guarantees on bank loans "remain of crucial importance to reduce uncertainty and the impact of the pandemic crisis", concluded the president of the ECB.