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The new European Central Bank (ECB) executive board member Fabio Panetta said on Friday, the economic recovery in 2021-22 won’t make up for the lost ground in 2020.

Lockdowns created deflationary risks, Panetta added.

The central bankers echoed the concern about the deflationary risks as his colleague Pablo Hernandez de Cos voiced out earlier today.

De Cos said that the rising risk of deflation warranted more stimulus.