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Lagarde says recovery fund should remain in the toolbox

ECB

ECB President Christine Lagarde has been interviewed in Le Monde. The full interview is available here: https://www.ecb.europa.eu/press/inter/date/2020/html/ecb.in201019~45f5cf8040.en.html

The key question Lagarde was asked is below. We note that she says nothing about making the PEPP permanent, she is purely talking about the E750bln recovery fund that is being administered by the European Commission.

  • Q: Does the euro area finally have the beginnings of the budget it always lacked, to go alongside monetary policy?
  • A: This recovery plan tool is a response to an extraordinary situation. We should discuss the possibility of it remaining in the European toolbox so it could be used again if similar circumstances arise. I hope that there will also be a debate about a common budgetary tool for the euro area, and that it will be enriched by our current experience.
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