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ECB de Guindos: All stakeholders must avoid cliff effects from premature scaling back of policies

ECB Vice President Luis de Guindos said in a speech that “at the moment, risks from the early withdrawal of policies are higher than the risks associated with keeping support measures in place.”

He also surged that “all stakeholders”, partly fiscal ones, “must keep complementing our accommodative monetary stance”. For a timely recovery in Europe, “we have to avoid any cliff effects from the premature scaling back of these policies”.

Looking ahead, “completing the banking union and deepening the capital markets union are the best policy tools we have at our disposal to ensure that the EU financial sector is conducive to fostering long-term growth and that it embraces all the opportunities offered by the digital transformation and the transition to green technologies.”

Full speech here.

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