The European Central Bank (ECB) called September the moment of truth for the European economy, Bloomberg writes. It is in the first month of autumn, according to the regulator, that the approximate prospects and necessary measures to support enterprises and residents of the European Union will become clear.
The ECB leadership believes that at the moment there is not enough data to objectively assess the state of the economy and draw up further plans. One of the key issues concerns the quantitative easing (QE) program, under which the regulator buys up corporate and government bonds of the eurozone countries.
Its total volume should reach 1.3 trillion euros, but some economists and members of the ECB board of directors consider this a вЂњceiling, not a goalвЂќ, indicating that it is not necessary to comply with it if the economy recovers at a faster pace than planned.
The debate also revolved around how to interpret data on economic growth: whether to consider them premature or rely on them for further policymaking. In recent weeks, data on small growth are regularly replaced by data on a fall.
Meanwhile, outside experts believe that significant steps from the ECB, including new stimulus measures, should not be expected until December.