Q: The last meeting didn't lead to any new......>

ECB: Q: The last meeting didn't lead to any new stimulus measures. Has the ECB

already done enough?

A: Our decisions are guided by the incoming data, so we continuously monitor

what is happening in the economy and financial markets. We calibrate our

measures based on these data. Our latest macroeconomic projections were

published in June, which was when we decided to expand our measures because we

saw that the economic and, in particular, the inflation outlook had deteriorated

substantially. We've now seen some upside surprises but they are not sufficient

to make us change course from our baseline scenario, which projects an 8.7% drop

in real GDP in 2020. There was hence no reason to revise our decision from the

previous meeting. In any case, we have certainly seen an improvement in the

financial data, compared with the situation back in March. Markets have calmed

down quite a bit. Nevertheless, financial conditions are still somewhat tighter

than they were before the pandemic.