Lagarde speech: Even if temporary, virus will have significant impact on activity

Following the European Central Bank's (ECB) decision to leave its interest rates unchanged while announcing additional asset purchases of €120 billion until the end of the year alongside new TLTROs, Christine Lagarde, President of the ECB, is delivering her remarks on the monetary policy outlook in a press conference.

Key quotes

"Even if temporary, virus will have significant impact on activity."

"Coronavirus is a major shock."

"Virus will slow down production, reduce demand."

"Governments, policy institutions need to take timely, targeted action."

"Government must mitigate economic impact of virus."

"Ambitious, coordinated fiscaly policy response needed."