Panetta: Covid-19 Measures Will Negatively Affect Local Economies

Panetta: Covid-19 Measures Will Negatively Affect Local Economies European Central Bank (ECB) Executive Board member Fabio Panetta stated that the new Covid-19 measures will negatively affect local economies. In an interview with the Greek newspaper Kathimerini, Panetta said, "The bank's latest projections show that growth will return to pre-crisis levels by the end of 2022, and new measures may push this date further." Some sources familiar with the matter said there is no tendency among legislators to expand their purchases at this month's meeting. On the other hand, Panetta noted that the European Central Bank is ready to act. "We are ready to properly adjust all our tools to bring inflation to our medium-term target in a sustainable way," Panetta said the ECB's preliminary inflation data shows that inflation dynamics are weaker than expected.