Some highlights from the de Guindos interview...>

ECB: Some highlights from the de Guindos interview in La Stampa:

- "The most worrying thing is that a two-speed recovery seems to be starting to

emerge. The fall has been sharp everywhere, but in some countries it was

steeper. There is a group of more resilient economies that reacted better than

others. For this group, GDP will therefore increase at a faster pace. This could

lead to two-speed growth in Europe. We must keep a close eye on this."

- Is "Whatever it takes" still the ECB's motto?

"It was crucial in 2012. The crisis is different this time, and we have proven

our determination by avoiding a squeeze on credit to the private sector and by

improving financing conditions in general. Our commitment is unwavering. As is

clear from our communication, we stand ready to recalibrate our non-standard

measures and pandemic programmes - such as the pandemic emergency purchase

programme (PEPP) - so that they can be adapted to suit the circumstances. The

last time we did this was at the beginning of June when we increased volumes and

extended the horizon."

www.ecb.europa.eu//press/inter/date/2020/html/ecb.in200701~601bc1b5ff.en.html