ECB Governing Council member Francois Villeroy de Galhau said, in face of “prolonged uncertainty” due to resurgence in coronavirus infections, “our first objective must be keeping very favorable financing conditions as long as necessary”.
But he also added, “recalibration of instruments must focus in particular not only on the level of monetary support, but also on the duration, flexibility and efficient targeting, in short, the quality of monetary policy transmission.”
