ECB felt in a good place at the moment

Not surprisingly, the ECB Governing Council has not announced any change . It has kept the key interest rates unchanged and reiterated its full commitment to pursue the asset purchases under its main programs (APP and PEPP). The situation continues to justify a large intervention to ensure the inflation to move towards its target. The tone of the meeting appeared still cautiously optimistic in line with the most recent development s in the Euro Area economy. The level of activity is recovering but remains below where it stood before the crisis. President Christine Lagarde also reminded that many uncertainties already included in the baseline scenario continue to weigh on the post-lockdown recovery underway .