ECB's Weidmann: No need for immediate monetary policy action due to coronavirus

FILE PHOTO: German Bundesbank President Jens Weidmann attends the 29th Frankfurt European Banking Congress (EBC) at the Old Opera house in Frankfurt, Germany November 22, 2019. REUTERS/Ralph Orlowski

FRANKFURT (Reuters) - There is no need to take immediate monetary policy action due to the coronavirus outbreak, the European Central Bank’s Jens Weidmann said on Friday, adding that remaining alert was however warranted.

Earlier on Friday, Bundesbank President Weidmann joined a number of European Central Bank policymakers in saying it was too early to gauge the economic fallout of coronavirus, but he acknowledged the Bundesbank’s prediction of a 0.6% gross domestic product (GDP) expansion this year, which had already been halved from the previous forecast, may be out of date.

Reporting by Frank Siebelt; Writing by Riham Alkousaa; Editing by Michelle Martin