FRANKFURT, July 21 — European Central Bank chief Christine Lagarde today praised EU leaders for agreeing a huge recovery plan for their coronavirus-ravaged economies, saying it showed the bloc “steps up and comes together” in times of crisis. After four days and four nights of wrangling,...
In this file photo taken February 11, 2020 President of the European Central Bank Christine Lagarde speaks during a debate on the Eurozone’s economic governance and ECB activities at the European Parliament in Strasbourg, eastern France. — AFP pic
After four days and four nights of wrangling, European Union leaders sealed the deal on a €750 billion rescue package that will consist of loans and grants for the hardest-hit member states. “Thank you for your resilience and determined action over the last days. We can only fight the economic consequences of Covid-19 by working together.”
The Frankfurt institution has rolled out an unprecedented €1.3 trillion pandemic emergency bond-buying scheme as well as offering ultra-low rates and cheap loans to banks to help keep credit flowing and encourage spending and investment.ECB governors last week held back from topping up their monetary stimulus to the eurozone economy as the EU summit loomed, with Lagarde calling on leaders to do their bit and “agree on an ambitious package”.
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