Philip Lane: “The EU Can Catch The Pre-Epidemic Employment Rate In 2023”
Speaking to the French newspaper Le Monde, Philip Lane warned that unemployment rates in the EU are not expected to reach the pre-epidemic employment level before 2023 and emphasized that reducing unemployment requires the continuous efforts of the EU governments and the ECB together.
“By looking at what is required to keep financial conditions favorable, we can increase and decrease bond purchases. Our primary goal is to maintain favorable financial conditions. ” he said.
The ECB will decide how many bonds to buy on June 10th.
Economic experts within the EU are firmly in agreement that the union will not be able to regain its pre-epidemic growth rate before a year.
The European Statistics Office (Eurostat) published the leading data on the growth rates of the EU and the Eurozone for the first quarter of 2021 on April 30. Accordingly, the seasonally adjusted Gross Domestic Product (GDP) in the 19-member Euro Zone decreased by 0.6 percent in the first quarter of 2021 compared to the previous quarter.
GDP in the Euro Zone decreased by 1.8 percent in the first quarter of 2021 compared to the same period of 2020.
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