How our economies will be affected over the longer term is still unclear. At the moment, we do not even know whether this will mainly turn out to be a demand or a supply shock, let alone that we can say something about the size of these shocks. Irrespective of the many unknowns, the immediate economic policy response has been decisive and comprehensive.
The ERCC’s recent report concluded that the 2018 year-end in the repo market was relatively uneventful, and we at the ECB share this assessment. Conclusion Let me conclude. In just 20 years, the euro has become the second most used currency in the world.