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Conversation with LETA

Isabel Schnabel, Member of the Executive Board of the ECB, discussed the current economic situation in the euro area. She acknowledged that the pandemic has caused the deepest economic downturn since World War II, but there have been positive developments, such as the rebound in economic activity supported by fiscal and monetary policy response. However, the increasing infection numbers and uncertainty due to new virus variants pose risks to the short-term outlook. Schnabel emphasized the importance of continued fiscal and monetary policy support to ensure no unwarranted tightening of financing conditions and to avoid jeopardizing the economic recovery.

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