The eurozone economy will reach a turning point in the autumn

The ECB could start to dampen emergency purchases of euro area bonds as the Euroregion's economy recovers sustainably.

The eurozone economy will reach a turning point in the autumn as a result of the third wave of the Covid-19 pandemic. Vitas Vasiliauskas, the outgoing head of Lithuania's central bank, told reporters on Friday. Asked when the European Central Bank (ECB) could begin to dampen emergency purchases of eurozone bonds, Vasiliauskas said it would only be able to do so once the Euroregion's economy recovered sustainably and did not need rescue. "The turning point will be when we see clearly that growth has returned and the economy will be able to breathe on its own," said Vasiliauskas, a member of the ECB's Governing Council. He added that he does not anticipate this until the autumn. Vasiliauskas is leaving office in early April, and Thursday's meeting of the ECB's Governing Council was his last in office.