Eurozone needs help from ECB

A number of policymakers said today that the eurozone is facing a long recovery from a deep recession and needs more support from both the European Central Bank and governments especially with the record high in new coronavirus cases. The European Central Bank has already announced that it will provide more stimulus in December, through the emergency bond purchase program and through very cheap loans to the banking sector, with the economy likely to contract in the last quarter of this year. The European Central Bank will meet on December 10 and most economists expect to extend and expand the emergency purchase program to combat the pandemic and is also likely to provide cheaper loans through targeted long-term refinancing operations.