Comments by ECB governing council member, Robert Holzmann
- ECB must stay vigilant, but not overreact
- TLTROs will be under consideration next week
- Sees no urgency to move on TLTROs
Well, he's not exactly wrong in that regard since the virus outbreak has significant ramifications for the supply-side of the equation. But economic channels work in tandem and a demand-side shock will also be part and parcel of this virus outbreak.
However, it sure seems like the ECB is not going to budge until they get firm commitments from the governments that they will also be doing something about this.
