In a twitter exchange, ECB chief economist Philip Lane emphasized “the first priority is to contain the virus – if there is a sustained surge in cases, this will damage consumer and investor confidence ”

“Containing the virus is the most important policy objective. Our baseline allows for some periodic resurgence of the virus until a full-scale medical solution is found,” he added.

“The baseline scenario in our staff projections indeed factors in that a medical solution is found over the course of next year. This would support a recovery in the service sector and put upward pressure on service sector inflation”.

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