ECB Governing Council member Francois Villeroy de Galhau said that the central bank is prepared to act to support the economy if needed due to impact of coronavirus outbreak. However, the current policy is already accommodative, and ECB has already committed to support the economy through keep interest rates low. He added that “we are not there yet” regarding additional stimulus.
Separately, EU Internal Market Commissioner Thierry Breton said European tourism industry would suggest EUR 1B loss in revenue per month due to the outbreak. He said, “Chinese tourists are not coming to Europe since January. It means two million nights lost. That is one billion euros per month since January.”
