European Central Bank assures support for eurozone ‘well into’ recovery

The European Central Bank will support the euro zone “well into” its recovery from a pandemic-induced double dip recession, ECB chief Christine Lagarde said on Wednesday, just eight days before a crucial policy meeting, Reuters reports.

“Strong policy support will continue to provide a bridge over the pandemic and well into the economic recovery,” Lagarde said in a speech.

“The ECB is committed to preserving favorable financing conditions throughout this period.”

The ECB must decide on the pace of bond purchases at its June 10 policy meeting and hints from policymakers suggest there is little appetite to cut support, even if the bloc is now firmly on the rebound.

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