WEATHER ALERT
European Central Bank, seeing no signs of recession, cuts interest rates again
Read full article: European Central Bank, seeing no signs of recession, cuts interest rates againThe European Central Bank, which sets interest rates for the 20 countries that use the euro currency, is not expecting the bloc to fall into recession as it cut borrowing costs once again after figures showed inflation across the bloc falling to its lowest level in more than three years and economic growth waning.
Inflation's down and the European Central Bank has cut rates, again. Next up: The Fed
Read full article: Inflation's down and the European Central Bank has cut rates, again. Next up: The FedWith inflation subsiding, the European Central Bank is cutting its benchmark interest rate to prop up tepid growth with lower borrowing costs for companies and home buyers.
European Central Bank leaves key interest rate at 3.75%, waits for signs inflation is under control
Read full article: European Central Bank leaves key interest rate at 3.75%, waits for signs inflation is under controlThe European Central Bank left its key interest rate benchmark unchanged Thursday as its rate-setting council and President Christine Lagarde take their time to make sure stubborn inflation is firmly under control before lowering rates again.
Europe Central Bank jumps ahead of the Fed in lowering rates. But future cuts may be limited
Read full article: Europe Central Bank jumps ahead of the Fed in lowering rates. But future cuts may be limitedThe European Central Bank cut its key interest rate by a quarter-point, moving ahead of the U.S. Federal Reserve as central banks around the world lean toward lowering borrowing costs — a shift with far-reaching consequences for home buyers, savers and investors.
Europe's economy has stalled. But an interest rate cut will likely have to wait for summer
Read full article: Europe's economy has stalled. But an interest rate cut will likely have to wait for summerThe European Central Bank has left its key interest rate at a record high even though inflation is way down from its painful double-digit peak and the economy has stalled.
Cutting interest rates too soon in Europe risks progress against inflation, central bank chief says
Read full article: Cutting interest rates too soon in Europe risks progress against inflation, central bank chief saysEuropean Central Bank head Christine Lagarde says cutting interest rates too soon could threaten Europe’s progress in battling the inflation that has ravaged the economy.
European Central Bank keeps its key interest rate at a record high. Now, when will it cut?
Read full article: European Central Bank keeps its key interest rate at a record high. Now, when will it cut?The European Central Bank has decided to keep its key interest rate at a record high and will leave it there as long as needed to battle back inflation.
Interest rates will stay high 'as long as necessary,' the European Central Bank's leader says
Read full article: Interest rates will stay high 'as long as necessary,' the European Central Bank's leader saysThe head of the European Central Bank says interest rates will stay high long enough to restrict business activity for “as long as necessary” to beat back inflation because upward pressure on prices “remains strong.”.
ECB's Lagarde says interest rates to stay high as long as needed to defeat inflation
Read full article: ECB's Lagarde says interest rates to stay high as long as needed to defeat inflationInterest rates in the European Union will need to stay high “as long as necessary” to slow still-high inflation, Christine Lagarde, president of the European Central Bank, said Friday.
European Central Bank hikes interest rates to combat inflation and leaves door open to more
Read full article: European Central Bank hikes interest rates to combat inflation and leaves door open to moreThe European Central Bank has raised interest rates for the ninth straight time in its yearlong campaign to stamp out painfully high inflation.
Europe's interest rates to stay high as long as needed to defeat inflation, central bank chief says
Read full article: Europe's interest rates to stay high as long as needed to defeat inflation, central bank chief saysEuropean Central Bank President Christine Lagarde is warning that inflation is holding its grip on the economy.
G-7 talks focus on ways to fortify banks, supply chains as China accuses group of hypocrisy
Read full article: G-7 talks focus on ways to fortify banks, supply chains as China accuses group of hypocrisyFinancial leaders of the Group of Seven advanced economies are focusing on ways to fortify ever more complicated financial systems and supply chains during meetings in Japan ahead of a summit next week.
European Central Bank slows pace of rate hikes but vows more
Read full article: European Central Bank slows pace of rate hikes but vows moreThe European Central Bank has slowed the pace of its interest rate increases, stepping back like the U.S. Federal Reserve from a string of jumbo hikes aimed at snuffing out inflation.
Lagarde: US-China split may weaken growth and fuel inflation
Read full article: Lagarde: US-China split may weaken growth and fuel inflationThe fragmentation of the world economy into rival blocs led by the United States and China threatens to destabilize global commerce, increase inflation and weaken growth, Christine Lagarde, the president of the European Central Bank, warned Monday.
Europe's central bank backs big rate hike despite bank chaos
Read full article: Europe's central bank backs big rate hike despite bank chaosThe European Central Bank has carried through with a large interest rate increase, brushing aside predictions it might dial back as U.S. bank collapses and troubles at Credit Suisse feed fears about the impact of higher rates on the global banking system.
Europe sees fastest pace of rate hikes since euro launched
Read full article: Europe sees fastest pace of rate hikes since euro launchedThe European Central Bank has made another outsized interest rate hike aimed at squelching out-of-control inflation, moving at the fastest pace in the euro currency’s history.
Europe's outlook 'darkening,' ECB head hedges on recession
Read full article: Europe's outlook 'darkening,' ECB head hedges on recessionThe head of the European Central Bank says the economic outlook “is darkening” and she expects business activity to “slow substantially” in the coming months as high energy and food prices pushed up by the war in Ukraine sap consumer spending power.
European Central Bank makes largest-ever interest rate hike
Read full article: European Central Bank makes largest-ever interest rate hikeThe European Central Bank has made its largest-ever interest rate increase to combat record inflation that is squeezing consumers and pushing the 19 countries that use the euro currency toward recession.
Italy political turmoil a headache for Europe's central bank
Read full article: Italy political turmoil a headache for Europe's central bankItaly's political turmoil is making life harder for the European Central Bank as it hikes interest rates and raising bad memories of the eurozone debt crisis a decade ago.
Europe's central bank ready to 'stamp out' surging inflation
Read full article: Europe's central bank ready to 'stamp out' surging inflationThe head of the European Central Bank says it will move gradually to combat soaring consumer prices with interest rate hikes in July and September but will keep its options open to “stamp out” inflation if it surges faster than expected.
EU leaders tackle inflation, energy shocks from Russia's war
Read full article: EU leaders tackle inflation, energy shocks from Russia's warEuropean Union leaders are discussing their response to the severe economic turbulence looming over the coming months as the full impact of Russia’s war sinks in and the threat of recession rises.
European Central Bank vows backstop against market turmoil
Read full article: European Central Bank vows backstop against market turmoilThe European Central Bank has vowed to come up with a new, unspecified market backstop that could be used to buffer some countries against bond market turmoil similar to what shook the 19-country eurozone during a debt crisis more than a decade ago.
Asian shares mixed after rate jitters tumble on Wall Street
Read full article: Asian shares mixed after rate jitters tumble on Wall StreetShares are mostly lower in Asia, with only Shanghai rising, after stocks tumbled on Wall Street on expectations central banks will focus on battling inflation with interest rate hikes.
European Central Bank chief signals possible July rate hike
Read full article: European Central Bank chief signals possible July rate hikeThe president of the European Central Bank has given the clearest sign yet that policymakers will aim to raise interest rates as soon as July to ease surging inflation.
Asian shares decline after Fed chief's comments on inflation
Read full article: Asian shares decline after Fed chief's comments on inflationAsian shares have mostly retreated, tracking losses on Wall Street after Federal Reserve Chair Jerome Powell indicated increases in interest rates must be faster to fight inflation.
Powell reinforces expectations of sharp rate hike next month
Read full article: Powell reinforces expectations of sharp rate hike next monthThe Federal Reserve must move faster than it has in the past to rein in high inflation, Chair Jerome Powell said, signaling that sharp interest rate increases are likely in the coming months, beginning at the Fed’s next policy meeting in May.
European Central Bank chief: No data suggests stagflation
Read full article: European Central Bank chief: No data suggests stagflationThe European Central Bank's president says no data currently suggests that Europe will fall into stagflation, which is a combination of high inflation, little or no economic growth and high unemployment.
Amid protests, Europe limited in curbing high energy prices
Read full article: Amid protests, Europe limited in curbing high energy pricesEuropean governments are slashing fuel taxes and doling out tens of billions to help consumers, truckers, farmers and others cope with spiking energy prices made worse by Russia’s invasion of Ukraine.
European Central Bank head: Inflation may linger for longer
Read full article: European Central Bank head: Inflation may linger for longerThe head of the European Central Bank says record inflation could linger for “longer than expected” and avoided repeating that an interest rate increase was all but ruled out this year.
Climate, COVID, China: Takeaways from online Davos event
Read full article: Climate, COVID, China: Takeaways from online Davos eventGovernment and business leaders have urged global cooperation on climate change, the coronavirus pandemic and the economic recovery at the World Economic Forum’s virtual gathering this week.
European Central Bank to taper pandemic stimulus, but gently
Read full article: European Central Bank to taper pandemic stimulus, but gentlyThe European Central Bank has decided not to abruptly pull back its pandemic support for the economy as the new omicron variant of COVID-19 stirs uncertainty about the continent’s recovery.
European Central Bank keeps pandemic support going
Read full article: European Central Bank keeps pandemic support goingThe European Central Bank has decided to keep its pandemic stimulus efforts unchanged even as consumer prices spike and central banks in other parts of the world look to dial back support as their economies bounce back from the worst of the COVID-19 outbreak.
IMF head pledges renewed efforts to protect data integrity
Read full article: IMF head pledges renewed efforts to protect data integrityThe embattled head of the International Monetary Fund is pledging renewed efforts to bolster data integrity while focusing on the main job of helping countries recover from a devastating global pandemic.
IMF chief facing data-rigging allegations defends actions
Read full article: IMF chief facing data-rigging allegations defends actionsThe head of the International Monetary Fund says a report alleging she had a role in data-rigging at the World Bank when she was a top official there was not an accurate representation of events.
ECB says low rates to stay until the job is done
Read full article: ECB says low rates to stay until the job is doneFacing unease over the spread of a more-contagious variant of the coronavirus, the European Central Bank said it would maintain its stimulus in the form of ultra-low interest rates until inflation “durably” reaches its 2% target.
Asian stocks advance after Wall Street hits new record
Read full article: Asian stocks advance after Wall Street hits new recordAsian stock markets have risen after Wall Street hit a high despite jitters about the spread of the coronavirus’s delta variant, as investors looked ahead to U.S. earnings reports.
Europe leaves stimulus running hot ahead of recovery
Read full article: Europe leaves stimulus running hot ahead of recoveryThe European Central Bank is leaving its key pandemic support for the economy running full blast even as the economy shows signs of recovery thanks to lower virus cases and fewer restrictions on activity in the 19 countries that use the euro currency.
ECB leaves interest rates, pandemic stimulus unchanged
Read full article: ECB leaves interest rates, pandemic stimulus unchangedThe European Central Bank is leaving its key stimulus programs unchanged with almost 900 billion euros of support still in the pipeline as the economy lags the U.S. and China in a drawn-out struggle with the COVID-19 pandemic.
New challenge for the Powell Fed: A strengthening economy
Read full article: New challenge for the Powell Fed: A strengthening economyThe rise in the 10-year yield in recent weeks “caught my attention," Powell acknowledged earlier this month. AdIn anticipation of faster growth and inflation, investors have priced in at least three Fed rate hikes by 2023 — a much earlier lift-off than the Fed itself has forecast. Seeking to reassure investors, Fed officials have said they regard the rise in the 10-year yield as a positive sign, evidence that the financial markets expect the economy to steadily strengthen. As a consequence, Fed officials will likely boost their projections for economic growth for this year and for 2022, lower their estimates for unemployment and raise their expectations for inflation. Fed officials may project economic growth this year of as much as 5%, economists say, up from their December estimate of 4.2%.
Lagging US, Europe speeds up help for virus-hit economy
Read full article: Lagging US, Europe speeds up help for virus-hit economyThe move is aimed at preventing a premature rise in borrowing costs while businesses are still struggling with coronavirus restrictions like curfews and shutdowns. But it is too early for the eurozone to withstand higher rates, usually associated with recovering growth and inflation. This is undesirable.”AdThe bond purchases have the effect of pushing down bond yields, which are used as benchmarks for borrowing across the region. The rise in longer-term borrowing rates is regarded as a spillover from the U.S., where the economic recovery is expected to be faster. By contrast, the eurozone economy is not expected to recover until mid-2022, held back by a slow vaccine rollout and lower levels of government relief spending compared with the U.S.
European Central Bank stimulus on track as economy struggles
Read full article: European Central Bank stimulus on track as economy strugglesFRANKFURT – With more than a trillion euros in stimulus still in the pipeline to the economy, the European Central Bank left its key bond-purchase program unchanged Thursday as the 19-country eurozone endures a winter economic slowdown due to the pandemic. ECB President Christine Lagarde told a news conference that the economy likely contracted in the last three months of 2020 and the outlook going forward faces risks. The economy is being propped up by massive support from the ECB, national governments, and the EU. The European Union’s executive commission forecasts that the eurozone economy shrank 7.8% last year. Those are zero for short term loans from the ECB to banks, and minus 0.5% on deposits left overnight at the ECB by banks.
Europe gets new blast of stimulus to counter virus surge
Read full article: Europe gets new blast of stimulus to counter virus surgeThe 25-member governing council decided Thursday to increase its bond purchase stimulus by 500 billion euros, to 1.85 trillion euros ($2.2 trillion). The bond purchases help keep credit affordable and available across the economy for consumers, businesses and governments. That is critically important to help businesses survive until the pandemic eases, and to support governments that are borrowing heavily to pay for aid to businesses and workers. Governments have also marshalled support at the EU level by agreeing to borrow together to create a 750 billion-euro recovery fund. The deposit rate on money banks leave overnight at the ECB is minus 0.5% rate, a penalty that pushes them to lend the money instead.
As infections rise, European Central Bank prepares stimulus
Read full article: As infections rise, European Central Bank prepares stimulusThe bank could add a half-trillion euros or more to its existing bond purchases. That means the central bank will vacuum up much of the new debt being issued by hard-pressed governments, lowering the risk of a new eurozone debt crisis. She subsequently pointed to the current, 1.35 trillion ($1.58 trillion) pandemic emergency bond purchase program as a likely place for action. Yet its borrowing costs remain low and markets are calm despite the pandemic, and analysts say ECB support plays a crucial role in that. Without ECB support, a debt crisis could loom.
Top central bankers: Economy needs help despite vaccine news
Read full article: Top central bankers: Economy needs help despite vaccine newsFRANKFURT – Three of the globe's top central bankers said their economies continue to need help despite progress toward a COVID-19 vaccine, with U.S. Federal Reserve Chair Jerome Powell saying that the U.S. Congress “may need to do more” to cushion the blow from the pandemic. All three central banks have deployed large-scale stimulus such as interest rate cuts and bond purchases that aim to keep borrowing costs affordable for businesses. A multi-trillion-dollar stimulus, enacted in the spring, had helped sustain jobless Americans and ailing businesses but has since expired. “We’re recovering to a different economy,” he said, and there will be a substantial number of workers who will need support as the economy is changed by the pandemic. The Fed is buying $120 billion a month in bonds — $80 billion in Treasurys and $40 billion in mortgage bonds — to try to keep long-term borrowing costs low.
Lagarde: Recovery could be stop-and-go despite vaccine news
Read full article: Lagarde: Recovery could be stop-and-go despite vaccine newsFRANKFURT – European Central Bank head Christine Lagarde warned Wednesday that the economy could face a “bumpy,” “stop-start” recovery despite good news about vaccine development. The European Commission has said it plans to secure up to 300 million doses of the experimental vaccine developed by Pfizer and BioNTech. Lagarde said policymakers must ensure that the exceptional downturn remains a one-off blow to the economy and does not turn into a recession that feeds on itself. Analysts have been predicting more stimulus as a renewed increase in virus infections and partial lockdowns weigh on economic growth. Inflation was at minus 0.3% in October and continues to lag the ECB’s goal of below but close to 2%.
The Latest: Cases soaring in New Delhi ahead of festival
Read full article: The Latest: Cases soaring in New Delhi ahead of festivalNew Delhi reported 8,593 newly confirmed cases Thursday, up from 7,830 cases a day earlier as people crowd shopping areas ahead of Saturday’s observances of Diwali — an important Hindu festival of lights. The Delhi government projects that new coronavirus cases will be nearly 12,000 daily by the end of November. India’s infections overall continue came in at 47,905 new cases, a rise from 44,281 cases reported Wednesday. The daily death toll represented a more than 55% jump from Minnesota’s previous record of 36 deaths, reported on Friday. State health officials reported 1,039 new coronavirus cases on Wednesday, and a daily positivity rate of more than 18% for the second consecutive day.
EU cuts 2021 economic outlook as virus spreads
Read full article: EU cuts 2021 economic outlook as virus spreadsBRUSSELS – As COVID-19 cases keep rising, the European Union’s executive commission lowered its forecast for the economic rebound from the coronavirus pandemic next year and said the economy wouldn’t reach pre-virus levels until 2023. The regular autumn forecast foresees growth of only 4.2% in 2021 for the 19 countries that use the euro, instead of the previous estimate of 6.1%. The eurozone and the wider 27-country European Union economy saw a robust rebound in July, August and September, following lockdowns and cautious consumer behavior in the first half of the year that crushed business activity. Third-quarter GDP increased by 12.7% from the previous quarter, the largest increase since statistics started being kept in 1995. The European Central Bank is pumping 1.35 trillion euros ($1.58 trillion) into the economy through regular bond purchases, a step aimed at keeping credit flowing affordably to businesses.
Eurozone growth soars record 12.7% but fears grow for winter
Read full article: Eurozone growth soars record 12.7% but fears grow for winterNew figures released Friday Oct. 30, 2020, show that the European economy grew by an unexpectedly large 12.7% in the third quarter as companies reopened after severe coronavirus lockdowns. Re-openings there led to strong third-quarter growth of 7.4% that recovered much of the drop from the first part of the year — but didn't dispel fears for the winter months. The European rebound, reflected in figures released Friday by EU statistics agency Eurostat, was the largest increase since statistics started being kept in 1995. It followed an 11.8% contraction in the second quarter in the 19 European Union member countries that use the euro currency. The rebound was led by France, with an enormous 18.2% increase, followed by Spain with 16.7% and Italy with 16.1%.
European Central Bank: Just wait until December
Read full article: European Central Bank: Just wait until DecemberFRANKFURT – The European Central Bank held off from strengthening its current economic stimulus but its President Christine Lagarde said there was “little doubt” that more action would be coming at its December meeting as surging coronavirus infections and new restrictions on activity threaten Europe’s economy. “We have little doubt... that the circumstances will warrant the recalibration and the implementation of this recalibrated package," Lagarde said. Analysts believe that is one reason the bank could take no action Thursday, since there already more stimulus still in the pipeline. Massive ECB stimulus and new spending by governments has helped ward off turmoil on financial markets and cushion the downturn. Airlines, hotels, restaurants and other businesses big and small have suffered a devastating drop in activity.
Europe's central banker: Recovery 'risks losing momentum'
Read full article: Europe's central banker: Recovery 'risks losing momentum'FRANKFURT – The head of the European Central Bank says the economic recovery from the coronavirus pandemic “risks losing momentum” due to a second wave of infections and that more stimulus could be added if necessary. “Since the rebound we saw over the summer, the recovery has been uneven, uncertain and incomplete and now risks losing momentum,” she said, adding that “the options in our toolbox have not been exhausted. It's rate for short-term lending to banks is zero; for deposits left overnight from banks, the rate is negative 0.5 percent. The negative rate means banks pay a penalty for leaving money at the central bank instead of lending it to business. The ECB's steps are credited with helping keep the coronavirus outbreak from turning into a crisis for financial markets.
Europe's central bank moves toward introducing digital euro
Read full article: Europe's central bank moves toward introducing digital euroThe central bank issued a comprehensive report outlining the reasons why it might need to take the step. It said no decision has been made, and that any digital euro would complement cash, not replace it. We should be prepared to issue a digital euro, should the need arise.”A digital euro would be different from current cashless payment systems run by the private sector because it would be official central bank money - trustable, risk-free and likely less expensive to use. A central bank digital currency could also be used offline, for instance, to transfer small amounts between individuals using digital wallets on their smartphones and a Bluetooth connection. China’s central bank is already testing an official digital currency, while the central bank of Sweden says it has initiated a pilot project.
Inflation slump could presage more eurozone stimulus
Read full article: Inflation slump could presage more eurozone stimulusExcluding volatile food and fuel prices, inflation fell to 0.2% in September from 0.4% in August. The so-called core inflation figure is often considered the better measure of price movements in the economy as a whole. While low inflation can benefit consumers up to a point, ongoing weak prices can be a sign of slack in the economy. Low inflation can also make it harder for indebted countries in the eurozone to improve their competitiveness compared with the other members of the currency bloc. ECB head Christine Lagarde gave little indication that more stimulus was coming at the bank's Sept. 10 meeting.
Central bank head: Europe's recovery uncertain, incomplete
Read full article: Central bank head: Europe's recovery uncertain, incompleteFRANKFURT – The head of the European Central Bank says that the economy is rebounding but that the recovery remains uncertain, incomplete and dependent on containing the virus outbreak. But she added that “the strength of the recovery remains very uncertain, as well as uneven and incomplete.”“It continues to be highly dependent on the future evolution of the pandemic and the success of containment policies,” she said. The ECB is pumping 1.35 trillion euros ($1.6 trillion) in newly printed money into the economy through ongoing bond purchases through the end of next year. That is a large-scaled monetary stimulus aimed at preventing the pandemic from causing turmoil in financial markets, and at keeping borrowing costs low for companies to help support growth. The European Central Bank is the chief monetary authority for the 19 countries that use the euro, analogous to the Federal Reserve in the U.S. or the Bank of England in Britain.
European Central Bank keeps stimulus policies on hold
Read full article: European Central Bank keeps stimulus policies on holdFRANKFURT The European Central Bank left its key stimulus settings unchanged with almost a trillion euros (dollars) in stimulus still in the pipeline to bolster the eurozones rebound from the severe coronavirus shutdowns. The pause may only be a prelude to even more stimulus later this year as the ECB and global counterparts such as the US Federal Reserve make clear their determination to do maintain their massive support to limit the damage from the virus outbreak. The banks governing council made the decision at a meeting Thursday. Markets were waiting to hear ECB head Christine Lagardes outlook on possible threats to the economic rebound from a stronger euro, which can hurt exporters, and from weak inflation, which indicates weak demand. Many analyst think that the ECB will add to its pandemic emergency bond purchase stimulus at its December meeting, when it will have new inflation and growth forecasts.
Falling prices flash warning light for Europe's economy
Read full article: Falling prices flash warning light for Europe's economyA 0.2% annual drop in prices in August in the 19 countries that use the euro underlined that demand from unsettled consumers across the economy remains weak despite the reopening of many businesses. The economy plunged by a dizzying 11.8% in the second quarter from the first quarter. That means it doesnt represent outright deflation, a dreaded downward price spiral that can become a long-term trap for an economy. He expects a partial rebound in prices in the near term followed by a period of subdued inflation rather than a sustained fall in prices. He predicted the bank would raise the amount of pandemic stimulus purchases this year.
European Central Bank keeps monetary stimulus on track
Read full article: European Central Bank keeps monetary stimulus on trackFRANKFURT The European Central Bank has left its monetary stimulus programs unchanged ahead of a key meeting of EU leaders on a recovery plan meant to help the economy bounce back from the coronavirus shutdowns. The ECB held off providing new measures Thursday after unleashing in recent weeks massive doses of monetary stimulus that have helped keep borrowing costs for companies and consumers at roughly pre-pandemic levels. There is also interest in whether the ECB could increase the 1.35 trillion euros figure for the pandemic emergency purchases if needed. Average borrowing costs for big eurozone governments rose during March but have since returned to pre-pandemic levels. The ECB left its other stimulus settings unchanged on Thursday.
European Central Bank nearly doubles pandemic support scheme
Read full article: European Central Bank nearly doubles pandemic support schemeFRANKFURT The European Central Bank has boosted its pandemic emergency support program by 600 billion euros to 1.35 trillion euros ($1.5 trillion) in an effort to keep affordable credit flowing to the economy during the steep downturn caused by the virus outbreak. Under the pandemic support program, the ECB buys corporate and government bonds and other financial assets from banks, paying with newly created money. That helps lower longer-term interest rates, keeping the pandemic from drying up needed funding for borrowers. Italy's lockdown will cost it lost tax revenues and additional spending to support the economy. The bank has also set up long-term offers of credit to banks at even lower rates if they show they are lending to companies.
With Italy at risk, Europe Central Bank could boost stimulus
Read full article: With Italy at risk, Europe Central Bank could boost stimulusUnder the program, the central bank buys government and corporate bonds with newly printed money, a step that helps keep a lid on borrowing costs for businesses and governments. Holger Schmieding, chief economist at Berenberg bank, estimates there is a 60% chance that the central bank will decide to boost its pandemic stimulus program at Thursday's meeting. If it doesn't, he says the central bank could so in July. The ECB could also lengthen the pandemic stimulus program's duration; right now it is slated to run through the end of the year. Lagarde has said the ECB is accountable to the EU parliament and the European Court of Justice, which had approved the purchases.