![]() ![]() ![]() Second, the broad-based decline in risk premia on the back of these developments had offset the tightening impact of a deterioration in macroeconomic fundamentals. A drop in coronavirus (COVID-19) infection numbers and further large fiscal stimulus measures in other advanced economies had added to the improved sentiment. Three key conclusions could be drawn on the basis of recent market developments.įirst, the ECB’s monetary policy measures, together with the Franco-German recovery fund proposal which was subsequently broadly taken up in the package proposed by the European Commission, had reduced downside tail risks for the euro area. Ms Schnabel reviewed the financial market developments since the Governing Council’s monetary policy meeting on 29-30 April 2020. ![]() ![]() Review of financial, economic and monetary developments and policy options Financial market developments Account of the monetary policy meeting of the Governing Council of the European Central Bank held in Frankfurt am Main on Wednesday and Thursday, 3-4 June 2020 1. ![]()
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