Conclusion Summing up, I have argued that, in light of the second wave of COVID-19 infections and renewed lockdowns, further monetary policy support is required to safeguard favourable financial conditions and underpin economic activity in the face of a deteriorating growth outlook.
In the coming weeks, the Governing Council will assess how our toolkit should be adjusted to best support the economy during the course of next year and beyond, based on the medium-term inflation outlook.