ECB's Lagarde sees "other side" of coronavirus crisis

FRANKFURT (Reuters) - The announcement of a vaccine against the novel coronavirus means the end of the pandemic is finally in the offing but it is too early to declare victory, European Central Bank President Christine Lagarde said on Thursday.

Reuters November 13, 2020 00:05:57 IST
ECB's Lagarde sees "other side" of coronavirus crisis

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FRANKFURT (Reuters) - The announcement of a vaccine against the novel coronavirus means the end of the pandemic is finally in the offing but it is too early to declare victory, European Central Bank President Christine Lagarde said on Thursday.

"The fact that a vaccine has been announced and seems to be 90% efficient and likely to be approved in early 2021 also reduces some of that uncertainty," Lagarde said in a panel discussion with U.S. Federal Reserve Chair Jerome Powell and Bank of England Governor Andrew Bailey.

"From a huge river of uncertainty, we see the other side now," she added.

Lagarde cautioned she didn't "want to be exuberant" yet as the vaccine, whose interim results were announced by U.S. drugmaker Pfizer on Monday, still faced a number of logistical challenges.

With the euro zone likely heading back into recession this quarter, the ECB has already said it would provide more stimulus in December, most likely through its pandemic emergency bond buying programme and through more favourable loans to the bank sector.

(Reporting By Francesco Canepa; Editing by Balazs Koranyi)

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