POV (Part 1):Having announced a slew of.........>

ECB: POV (Part 1):Having announced a slew of policy innovations in recent weeks

with the expansion of the APP, introduction of PEPP and loosening of the

collateral framework, the ECB has already delivered the bulk of its COVID-19

stimulus. That does not mean it is job done for the ECB, merely that there is

less immediate pressure to deliver more stimulus now. Moreover, given that the

ECB has opted for ad hoc policy easing against the backdrop of an unprecedented

global health crisis and 'sudden stop' for the economy, the importance of

scheduled meetings is arguably slightly lower for now (with April already a

lower priority meeting given the lack of revised staff macroeconomic

projections).