ECB Confirm Readiness for further stimulus

The European Central Bank has fixed interest rates, but has indicated its readiness for further stimulus, including potentially unwanted and potentially controversial debt purchases, to counter the impact of the coronary virus epidemic Covid 19.

European Central Bank President Christine Lagarde said today that political leaders must agree on more ambitious and coordinated actions, explaining that "the euro area is facing an unprecedented and rapid economic downturn in peacetime."

Lagarde added in a press conference after the European Central decision that the euro zone economy may contract by 5% to 12% this year and may shrink by 15% in the second quarter alone, a rate that far exceeds any contraction during the global financial crisis.