After a “drastic collapse” in growth in the first weeks of the second quarter due to the coronavirus emergency, “the recovery in the Eurozone remains partial and uneven”. This is what we read in the minutes of the last Eurotower meeting in July which explains that “in parallel with the ongoing containment of the virus and the easing of lockdown measures, there were signs of an initial recovery in consumption, while in some countries there has been a significant rebound in industrial production “. But for the ECB “a number of factors weigh on a complete recovery” and among these above all “a return of infections from Covid”.
The same minutes stressed that “although financial market conditions have continued to normalize since the June monetary policy meeting, they remain more rigid and fragile than in the period before the pandemic, and a certain fragmentation in the markets is still evident”.
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