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ECB Weidmann sees no need for immediate monetary policy due to coronavirus

UNITED STATES (OBSERVATORY NEWS) — The head of the Bundesbank and member of the Board of Governors of the European Central Bank, Jens Weidmann, said on Friday that there was no need for immediate monetary policy because of the outbreak of coronavirus, adding that it should still be vigilant.

Earlier on Friday, Weidman, following his ECB colleagues from other countries, said that it was too early to assess the economic consequences of the coronavirus, but made it possible that the German economy in 2020 would grow weaker than the forecast of 0.6% – although this forecast had already been halved compared to previous expectations.

At the same time, investors increased expectations of the ECB to reduce interest rates in June, as global markets were embraced by fears that the coronavirus could plunge the world economy into recession.

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