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The European Central Bank said in a periodic economic bulletin that economic indicators for the eurozone indicate that the economy will contract in the last quarter of 2020.
“Survey indicators point to a renewed contraction in an activity primarily affecting the services sector.”
“Financial conditions in the euro area have loosened somewhat further since the Governing Council’s meeting in September 2020, amid improved risk sentiment on the back of positive announcements about vaccines.”
“The coronavirus pandemic has continued to influence monetary dynamics in the euro area.”
The European Central said that the start of vaccinations to prevent the CoronaVirus supports expectations of a rapid recovery, but reaching widespread immunity and that the economy can return to normal “will take time.”
