European Central Bank chief Christine Lagarde on Tuesday praised EU leaders for agreeing on a huge recovery plan for their coronavirus-ravaged economies, saying it showed the bloc 'steps up and comes together' in times of crisis.
This file photo taken on February 11, 2020 shows the President of the European Central Bank Christine Lagarde attending a debate on the Eurozone’s economic governance and ECB activities at the European Parliament in Strasbourg, eastern France.
After four days and four nights of wrangling, European Union leaders sealed the deal on a 750-billion-euro rescue package that will consist of loans and grants for the hardest-hit member states. “Thank you for your resilience and determined action over the last days. We can only fight the economic consequences of COVID-19 by working together.”
The Frankfurt institution has rolled out an unprecedented 1.3-trillion-euro pandemic emergency bond-buying scheme as well as offering ultra-low rates and cheap loans to banks to help keep credit flowing and encourage spending and investment.ECB governors last week held back from topping up their monetary stimulus to the eurozone economy as the EU summit loomed, with Lagarde calling on leaders to do their bit and “agree on an ambitious package”.
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