[4] This development is also broadly reflected in the European Commission’s Economic Sentiment Indicator for September, which showed services demand expectations waning for the second month in a row. Overall, services confidence registered an increase in September, thanks to managers reporting views that are much less negative about the past business situation and past demand.
However, the level of sentiment in the services sector remained low compared with other sectors. [5] For more extensive discussions of our policy response to the pandemic, see Lane, P.R. (2020), “The pandemic emergency: the three challenges for the ECB”, Jackson Hole Economic Policy Symposium, Federal Reserve Bank of Kansas City “Navigating the Decade Ahead: Implications for Monetary Policy”, 27 August, and Lane, P.R.