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“Incoming economic data, particularly recent survey results, have started to show unprecedented falls, pointing to a large contraction in output in the euro area, as well as to rapidly deteriorating labour markets,” said Christine Lagarde, President of the ECB.

Lagarde further reiterated that they will explore all options and all contingencies to support the economy through the shock while delivering her prepared remarks at the forty-first meeting of the International Monetary and Financial Committee. “The ECB’s recent policy actions have helped to improve conditions for funds.”

Market reaction

The EUR/USD pair edged slightly lower and was last seen trading at 1.0860, where it was down 0.42% on a daily basis.