The Governing Council stands ready to adjust all its instruments as needed to support the euro area [economy][1] during the severe crisis triggered by the coronavirus, or Covid-19, pandemic, the European Central Bank Executive Board member and Chief Economist Philip Lane said.
The central bank is ready to adjust its key policy rate, which is the deposit rate that is currently at -0.50 percent, Lane said in an interview to the Il Sole 24 Ore newspaper.
The interview text was published on the ECB website on Thursday.
The previous change in the deposit rate was a reduction in September 2016.
“In the current environment of exceptional uncertainty and remaining stress in financial [markets][2], asset purchases within the PEPP have proven a particularly effective tool, so we focused on these in our most recent decision,” Lane said.
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