“Go big or go home,” is how Christine Lagarde likes to describe the European Central Bank’s response to the economic carnage caused by the pandemic.
Now that Europe’s economy is rebounding from the Covid-19 crisis, the challenge facing the ECB president is how the central bank should unwind its massive monetary stimulus without cutting short the recovery or spooking the bond market, especially for southern European borrowers.
The delicate task has intensified divisions within the ECB and, on Thursday, economists expect to get a first glimpse of how it might wind down its €1.85tn pandemic emergency purchase programme (PEPP), its flagship bond-buying policy to shield financial markets from the crisis.
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