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Schnabel: Monetary policy in changing conditions
Europe is in the midst of the second wave of the coronavirus (COVID-19) pandemic. Rising infection numbers across the euro area have made new far-reaching containment measures necessary to contain the spread of the virus and protect the most vulnerable members of our society as well as our public health systems. The new measures will again come at significant personal and economic cost. They will slow the path of recovery, increase the risks of long-lasting labour market scarring and ultimately require new fiscal measures to sustain demand and provide relief to those who are least able to bear the burden of the ... (full story)