(ECB) EU’s July 21-22 meeting has revealed that the central bank projects the economic activity to return to the pre-crisis level in the first quarter of 2022.
ECB cites improving global economic activity, trade, and vaccinations as key factors for continued recovery.
The central bank believes there is still a long way to go before the economy recovers fully from the pandemic impacts.
ECB cites the ongoing supply constraints and the spread of new Covid variants as impediments to the euro and global recovery.
ECB recommended a monetary accommodation in line with the medium-term consumer price outlook relative to the central bank’s 2% target.
The central bank agreed to maintain policy rates until the Governing Council is satisfied with a sustained inflation target of 2%.
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