(THREAD) In an interview with @LesEchos, @Corriere, @handelsblatt and @elmundoes, President @Lagarde discusses the eurozone’s economic recovery from the coronavirus and the action needed at European level to secure it ecb.europa.eu/press/inter/da… 1/8 
Lagarde on the current crisis: The economic shock the eurozone is facing is huge – unprecedented in peacetime. We need to counter it with determination to help our economies recover as quickly as possible 2/8
Lagarde on the ECB’s mandate: Price stability is at the heart of our mandate. We must ensure there is as much accommodation as needed to stabilise inflation and the economy, and that our monetary policy is transmitted properly to all sectors and all eurozone countries 3/8
Lagarde on increasing the PEPP: We will not hesitate to adjust the size, duration and composition of our pandemic emergency purchase programme (PEPP) to the extent necessary. We will use all the flexibility within our mandate 4/8
Lagarde on joint fiscal support: Some countries do not have the fiscal headroom to do what is needed to restart their economies. We need a European programme of rapid and robust fiscal stimulus to restore symmetry. Such collective support is in the interest of all countries 5/8
Lagarde on proposal for European recovery fund: The proposals from the French and German leaders are ambitious, targeted and welcome. They allow a substantial amount of direct support to be provided to the most affected countries and are testament to a spirit of solidarity 6/8
Lagarde on central bank independence: Europe is built on a clear legal architecture. This includes the independence of the ECB, which is guaranteed by the EU Treaty and is a pillar of German monetary thinking. This independence is the ECB’s strength for achieving its mandate 7/8
Lagarde on the importance of European values: Our growth models should evolve in light of climate change. Inequality is dangerous. Globalisation should be more respectful of human beings. Europe holds fundamental values that can inspire -it’s up to us to defend them 8/8
