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Published on Thursday, April 22, 2021

ECB WATCH | Reaffirming March’s assessment and commitment

Summary

The ECB reaffirmed the assessment for the Euro Area macro-economic outlook put forth in March's meeting. The ECB left monetary policy as well as forward guidance unchanged, with President Lagarde striking a note of cautious optimism over the medium term outlook while being cognizant of near term downside risks.

Key points

  • Key points:
  • Near term economic risks still to the downside but seem more balanced over the medium term
  • Scaling back PEPP purchases? would be “premature”
  • Fall of 2021 is the deadline to deliver on the Strategy Review

Geographies

Topics

Documents and files

Report (PDF)

ECB-Watch-0421-1.pdf

English - April 22, 2021

Authors

SC
Sonsoles Castillo BBVA Research - Chief Economist for Financial and Economic Analysis
SD
Sumedh Deorukhkar BBVA Research - Senior Economist
MJ
Miguel Jiménez BBVA Research - Lead Economist
MM
María Martínez BBVA Research - Principal Economist
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