SPEECH  The ECB’s monetary policy response to the pandemic: liquidity, stabilisation and supporting the recovery Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Financial Center Breakfast Webinar organised by Frankfurt Main Finance 24 June 2020 Today, I will discuss the impact of the monetary policy measures taken by the ECB in response to the pandemic emergency on euro area financial conditions and the outlook for growth and inflation.
[1] As I will explain, our measures have been an effective and efficient reaction to the COVID-19 crisis by boosting liquidity, stabilising financial markets and supporting the recovery. Let me briefly recall the unprecedented challenges that warranted a decisive monetary policy response. The European and world economies are experiencing an extraordinary and severe contraction.