Philip R. Lane: Interview with SKAI TV

INTERVIEWInterview with SKAI TVInterview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Elena Laskari on 26 January 2021I think its important to say that this year will be a year where initially, right now, there are lots of restrictions.

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https://www.ecb.europa.eu//press/inter/date/2021/html/ecb.in210127~9ad88eb038.en.html

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Thursday, January 28, 2021

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Eurogroup, Group of Thirty, Mario Draghi, Currency, Euro, Financial services, Economy, Eurozone, Stock market crashes

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INTERVIEW

Interview with SKAI TV

Interview with Philip R. Lane, Member of the Executive Board of the ECB, conducted by Elena Laskari on 26 January 2021

I think its important to say that this year will be a year where initially, right now, there are lots of restrictions.
But over the course of the year, as the vaccination programmes are rolled out, we think the economy can grow quite quickly.
So there will be a lot of recovery later this year and next year.
I should emphasise that even if the overall economy does recover, not every sector will recover in the same way.
So there will be scars in some sectors of the economy.
What Im focusing on there is the overall European aggregate picture, but at this point the pandemic is fairly common, fairly general across countries.
Now, of course, for economies like Greece for example, the recovery will be heavily dependent on the recovery of tourism.
So the stock markets are confident that there will be a recovery later this year and next year.
But to respond to your general question about the issue of the financial crisis: so much has been done.
Last March, Mario Draghi wrote in the Financial Times that we are facing a war, and that wars are financed by increases in public debt.