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Lagarde: M-T Risks More Balanced; We Monitor FX Rate But Don't Target

ECB

Lagarde Q&A begins. First question is from MNI:

  • Q: Do you think the outlook has improved sufficiently to consider slowing the pace of PEPP from Q3 and was this discussed at today's meeting. Was the move higher in the euro in recent week was raised in the meeting?
  • A: In terms of outlook, there are signs of improvement due to the rollout of vaccinations, but there is also continued contagion from the pandemic. We are also seeing the risk of the evolution of the virus and there is an overall environment of uncertainty. This is reflected in consumer behaviour. Near term risks are tilted to the downside and medium term risks are more balanced. Incoming data confirm the March projections.
  • Re Q on Euro's recent rise: We monitor the exchange rate but don't target it.
  • (Note: no response to Q re PEPP purchases in Q3)
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