© Reuters. FILE PHOTO: European Union finance ministers meet for regular monthly talks in Brussels
ROME (Reuters) – The European Central Bank is all set to adapt its policy to the needs of the European Union after the coronavirus pandemic, but reforms by single nations will be more vital than financial policy, the bank’s Vice President Luis de Guindos said on Tuesday.
” The main antidote will not be monetary policy – which we will conduct, understanding that we are not omnipotent – however rather reforms and budgetary policy of single federal governments,” de Guindos informed Italian everyday La Stampa in an interview.
He added that although the ECB had acted “rapidly and successfully”, the unfavorable impact of the epidemic on Europe would have been more contained had the bloc been more incorporated at the economic and financial level.
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