ECB telegraphs December stimulus but interest rate cuts unlikely

ECB will 'recalibrate' its 'instruments'

The European Central Bank (ECB) is readying to provide further easing measures for the eurozone economy as it fights against the impacts of the coronavirus pandemic.

The ECB decided against cutting interest rates at Thursday's meeting, despite many of its largest constituents deciding to implement further restrictions and lockdowns to stave off a second wave of Covid-19 casualties. However, the bank's Governing Council suggested it would act to provide more stimulus by the time of its next meeting in December. "We agreed, all of us, that it was necessary to take action and therefore to recalibrate our instruments at our next Governing Council meeting," president Christine Lagarde said. Lagarde added that the recalibration exercise would "touch ...