European Central Bank President Christine Lagarde said the eurozone faces new uncertainties centred on the success of the Covid-19 vaccination drive and the introduction of economic support. Reuters
European Central Bank President Christine Lagarde said the eurozone faces new uncertainties centred on the success of the Covid-19 vaccination drive and the introduction of economic support. Reuters
European Central Bank President Christine Lagarde said the eurozone faces new uncertainties centred on the success of the Covid-19 vaccination drive and the introduction of economic support. Reuters
European Central Bank President Christine Lagarde said the eurozone faces new uncertainties centred on the success of the Covid-19 vaccination drive and the introduction of economic support. Reuters

Christine Lagarde: ECB to boost stimulus again if eurozone lockdowns are extended


Alice Haine
  • English
  • Arabic

European Central Bank president Christine Lagarde said the bank would adjust its monetary stimulus programme if lockdown measures extend beyond the end of the first quarter.

The ECB injected a further €500 billion ($609.46bn) into the Pandemic Emergency Purchase Programme last month, the second addition since the start of the Covid-19 crisis, taking its total stimulus to €1.85 trillion.

However, Ms Lagarde said they would extend it further if vaccination efforts are not successful, because the PEPP is flexible across assets and time.

“If more is needed, we will recalibrate,” Ms Lagarde said in a wide-ranging interview at the Reuters Next conference on Wednesday.

“There was no limit to our involvement in order to make sure that monetary policy transmission was re-established."

However, she said if the stimulus "is excessive, and we don't need the entire envelope, so be it".

The eurozone's gross domestic product increased 12.5 per cent in the third quarter of last year – the fastest rate since records began – with employment also rebounding in November to 8.3 per cent of the workforce from a record pandemic-induced contraction earlier in the year.

Ms Lagarde said although the uncertainty at the end of last year surrounding Brexit, the US presidential election and whether a vaccine would be ready has been removed, the economic bloc now faces new uncertainties.

These relate to the success of the vaccination drive and how well economic support programmes to help economies recover are introduced.

"We have to move fast," Ms Lagarde said, "because we clearly have a need for continued support, both from a fiscal point of view and from a monetary point of view, as we go into 2021."

Ms Lagarde said 11 member states submitted plans to draw down from the stimulus fund, adding that “hopefully” the borrowing will “start rapidly” to ensure the stimulus payments kick-start recovery efforts early on.

People wear protective face masks due to the coronavirus pandemic, as they walk over a bridge during the lockdown in Oberhausen, Germany. Ms Lagarde is concerned movement restrictions may extend beyond the first quarter of this year. Associated Press
People wear protective face masks due to the coronavirus pandemic, as they walk over a bridge during the lockdown in Oberhausen, Germany. Ms Lagarde is concerned movement restrictions may extend beyond the first quarter of this year. Associated Press

Ms Lagarde said the ECB’s December forecast of an economic rebound this year still stands – despite new lockdowns and heightened movement restrictions in several eurozone countries – as long as those measures are lifted by end-March.

Although eurozone gross domestic product is expected to have contracted 7.3 per cent in 2020, the ECB expects an expansion of 3.9 per cent this year, 4.2 per cent in 2022 and 2.1 per cent in 2023.

"I think our last projections in December are still very clearly plausible," Ms Lagarde said. "Our forecast is predicated on lockdown measures until the end of the first quarter."

However, she said she would be worried if curbs to economic activity continued in the second quarter, particularly as the early stages of the vaccination process have been “laborious”.

“What would be a concern would be that after the end of March those member states still need to have lockdown measures and if, for instance, vaccination programmes were slowed down,” she said.

The eurozone economy is set to shrink again in the first quarter, according to a number of economists who have downgraded their outlook in recent days. Bank of America, for example, cut its growth projection for the eurozone to an expansion of 2.9 per cent in 2021, a full percentage point below its previous outlook.

The ECB president also said policymakers are being “extremely attentive” to the rise of the euro against the dollar, which pushes down on inflation by cutting import costs.

“We know well that the appreciation of the euro or the depreciation of the dollar … does have an impact on price levels,” she said. “So we are very attentive; we will continue being extremely attentive to the impact on prices that the exchange rates have.”

On the subject of Bitcoin, whose valued soared past the $40,000 mark before dipping to current levels of about $34,800, Ms Lagarde said regulation is needed at a global level to address the challenges posed by the cryptocurrency.

“For those who assume that it might turn into a currency, sorry, but this is an asset and it's a highly speculative asset, which has seen some funny business and some interesting and totally reprehensible money-laundering activity," she said.

“I think that there are criminal investigations that have taken place that I'm sure will continue to take place that demonstrate it very clearly.”

She said global, multilateral action is “absolutely needed, whether it is initiated by the G7, moved into the G20, and then enlarged”.

Ms Lagarde said she would not 'jump the queue' to get a vaccine but is happy to have the moment shared with the media to encourage others to follow her lead. Associated Press
Ms Lagarde said she would not 'jump the queue' to get a vaccine but is happy to have the moment shared with the media to encourage others to follow her lead. Associated Press

When it comes to getting the vaccine herself, Ms Lagarde said she “does not want to jump the queue” and insisted she would have the shot and share the moment with the media if it encouraged others to follow her lead.

“I really want to be vaccinated. I don't really care [about] showing my arms to the world. If that's what it takes to convince people that yes, we must get vaccinated and yes, we must get to herd immunity, so be it, I'll show my vaccination," she said.

Heather, the Totality
Matthew Weiner,
Canongate 

UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
Four motivational quotes from Alicia's Dubai talk

“The only thing we need is to know that we have faith. Faith and hope in our own dreams. The belief that, when we keep going we’re going to find our way. That’s all we got.”

“Sometimes we try so hard to keep things inside. We try so hard to pretend it’s not really bothering us. In some ways, that hurts us more. You don’t realise how dishonest you are with yourself sometimes, but I realised that if I spoke it, I could let it go.”

“One good thing is to know you’re not the only one going through it. You’re not the only one trying to find your way, trying to find yourself, trying to find amazing energy, trying to find a light. Show all of yourself. Show every nuance. All of your magic. All of your colours. Be true to that. You can be unafraid.”

“It’s time to stop holding back. It’s time to do it on your terms. It’s time to shine in the most unbelievable way. It’s time to let go of negativity and find your tribe, find those people that lift you up, because everybody else is just in your way.”

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

J%20Street%20Polling%20Results
%3Cp%3E97%25%20of%20Jewish-Americans%20are%20concerned%20about%20the%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E76%25%20of%20US%20Jewish%20voters%20believe%20Donald%20Trump%20and%20his%20allies%20in%20the%20Republican%20Party%20are%20responsible%20for%20a%20rise%20in%20anti-Semitism%3Cbr%3E%3Cbr%3E74%25%20of%20American%20Jews%20agreed%20that%20%E2%80%9CTrump%20and%20the%20Maga%20movement%20are%20a%20threat%20to%20Jews%20in%20America%22%3Cbr%3E%3C%2Fp%3E%0A
So what is Spicy Chickenjoy?

Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
 

If%20you%20go
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Brief scoreline:

Liverpool 2

Keita 5', Firmino 26'

Porto 0

What can you do?

Document everything immediately; including dates, times, locations and witnesses

Seek professional advice from a legal expert

You can report an incident to HR or an immediate supervisor

You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline

In criminal cases, you can contact the police for additional support

The Outsider

Stephen King, Penguin

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

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Price: From Dh149,900

Madrid Open schedule

Men's semi-finals

Novak Djokovic (1) v Dominic Thiem (5) from 6pm

Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm

Women's final

Simona Halep (3) v Kiki Bertens (7) from 8.30pm

Mina Cup winners

Under 12 – Minerva Academy

Under 14 – Unam Pumas

Under 16 – Fursan Hispania

Under 18 – Madenat

MWTC info

Tickets to the MWTC range from Dh100 and can be purchased from www.ticketmaster.ae or by calling 800 86 823 from within the UAE or 971 4 366 2289 from outside the country and all Virgin Megastores. Fans looking to attend all three days of the MWTC can avail of a special 20 percent discount on ticket prices.

The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright

UEFA CHAMPIONS LEAGUE FIXTURES

All kick-off times 10.45pm UAE ( 4 GMT) unless stated

Tuesday
Sevilla v Maribor
Spartak Moscow v Liverpool
Manchester City v Shakhtar Donetsk
Napoli v Feyenoord
Besiktas v RB Leipzig
Monaco v Porto
Apoel Nicosia v Tottenham Hotspur
Borussia Dortmund v Real Madrid

Wednesday
Basel v Benfica
CSKA Moscow Manchester United
Paris Saint-Germain v Bayern Munich
Anderlecht v Celtic
Qarabag v Roma (8pm)
Atletico Madrid v Chelsea
Juventus v Olympiakos
Sporting Lisbon v Barcelona

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

UAE currency: the story behind the money in your pockets
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Pathaan
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Siddharth%20Anand%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Shah%20Rukh%20Khan%2C%20Deepika%20Padukone%2C%20John%20Abraham%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Lowest Test scores

26 - New Zealand v England at Auckland, March 1955

30 - South Africa v England at Port Elizabeth, Feb 1896

30 - South Africa v England at Birmingham, June 1924

35 - South Africa v England at Cape Town, April 1899

36 - South Africa v Australia at Melbourne, Feb. 1932

36 - Australia v England at Birmingham, May 1902

36 - India v Australia at Adelaide, Dec. 2020

38 - Ireland v England at Lord's, July 2019

42 - New Zealand v Australia in Wellington, March 1946

42 - Australia v England in Sydney, Feb. 1888

England World Cup squad

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood

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