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MNI BRIEF: Ongoing Support Needed; EZ Spending Lags: Draghi

(MNI) OTTAWA
(MNI)

Global central banks will need to keep pressing ahead with extraordinary support for an economy in a "long recession" driven by the coronavirus pandemic, with the former European Central Bank President Mario Draghi pointing to sluggish private spending across his own continent, noting that support "will continue for quite a long time."

According to Draghi, the economy is in a "long recession", not a V-shaped one and continued policymaker support was needed to replace weak consumption and private investment. Public programs, -- along with exports -- are likely to be the drivers of any recovery and "if they are well designed, they will be a great support, if they are not, they will not contribute to growth," he said at a G30 event Sunday.

MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
Central Bank NewsPolicy NewsHomepageEuropean Central BankCEEMEAEurozoneBriefGlobalStoryRegion
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MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
Central Bank NewsPolicy NewsHomepageEuropean Central BankCEEMEAEurozoneBriefGlobalStoryRegion
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