The headquarters of the European Central Bank is photographed during sunset, as the spread of the coronavirus disease continues in Frankfurt, Germany, April 28, 2020. — Reuters pic
But economic gloom is quickly spreading as coronavirus infections surge again, and the ECB is facing calls to signal even greater and longer-term support for an economy that has already suffered an unprecedented recession this year. The ECB announces its policy decision at 1245 GMT, followed by Lagarde's press conference at 1330 GMT.The problem is that indicators are showing a rapid deterioration in the outlook, challenging the ECB's view that the bloc's economy will grow back to its pre-crisis level by the end of 2022.
While new steps could be less severe than in the spring, they could stay in place longer, raising the risk of surging insolvencies and unemployment. But there are clear limits in the ECB's powers. Buying roughly €100 billion worth of debt a month, it has already pushed borrowing costs to record lows, and even the spread between the borrowing costs of euro zone members is back to its pre-crisis levels.
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