ECB’s Makhlouf says EU needs ‘greater action’ to combat Covid-19

Bloomberg

The EU needs “greater action” to combat the coronavirus economic fallout, whether that’s through issuing coronabonds or other measures, ECB Governing Council member Gabriel Makhlouf said in a Business Post interview.
The governor of the Central Bank of Ireland also mentioned use of the European Stability Mechanism or “something new that comes out from the European Commission” as possible options. He also said that ECB is ready to “take action to support the citizens and economies of Europe and the actions taken so far have shown that.”
“ECB President Christine Lagarde is “very clear that all options are under consideration and will be considered” if events show that the ECB needs to do more,” Makhlouf said.
“While the ECB has built up its ability to respond to financial crises since 2009, “at a political level it’s much more patchy and it is disappointing that it is as patchy as it is,” Makhlouf added.