Back to normal means back to pre-pandemic growth path

When asked when the economy will go back to normal during an interview with Handelsblatt, “I would argue that back to normal means back to the pre-pandemic growth path,” European Central Bank’s (ECB) Vice President Luis de Guindos said.

Additional takeaways 

“We will need substantial monetary support for the economy for some time to come.”

“Even if recovery is successful, there is still a lot of uncertainty.”

“Next year the pace of inflation will slow down again when a number of one-off effects, such as the temporary VAT cut in Germany in 2020, disappear.”

Market reaction

The EUR/USD pair showed no immediate reaction to these remarks and was last seen rising 0.38% on the day at 1.1886.

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