The Policy Officer of the European Central Bank (ECB), Fabio Panetta, made a statement through Politico during the early hours of Tuesday. The official initially said: “Our choice is between going back to the pre-crisis model of economic policy making and transforming it.”
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ECB research suggests that If the entire NGEU loan envelope were taken, the program could increase the public investment-to-GDP ratio in the eurozone by almost 40% by 2024. The proportion could even double in some countries.
This autumn, as Europe reviews its economic governance, we have the possibility to make decisions that put the recovery and the post-crisis economy on a stronger footing building on these three paradigm shifts. But this will require a new approach.
If we apply the lessons of the pandemic to our economic policy, we can emerge from this crisis with a stronger economy and greater social and political cohesion.
EUR / USD remains offered
The news fails to stop the EUR / USD weakness as the intraday price has dropped to 1.1799 after its release.
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