Last Thursday the ECB announced the progressive phasing-out of its extraordinary measures. Does this mean that market conditions are now completely back to normal? Moreover, analysts view the details announced for the 12-month refinancing operation as a signal regarding interest rates. We always said that our non-standard measures – i.e.
What we need to do now is to work together to sustain growth by stimulating economic activity and thereby avoid the negative feedback loop from the global crisis. We want to see firms continue to sell, households continue to spend, banks get their loans paid, and Government sustains its fiscal efforts to support investments on infrastructure and social safety nets.