May 5, 2020 / 8:32 AM / 2 months ago

Quick economic bounce-back post-corona unlikely: ECB's Weidmann

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

BERLIN (Reuters) - Measures to constrain and combat the coronavirus pandemic are likely to remain in place for a long time, meaning a rapid and strong economic recovery is relatively unlikely, German central bank President Jens Weidmann said on Tuesday.

But Weidmann, who also sits on the European Central Bank’s rate-setting Governing Council, said that he did expect a sustained recovery once the pandemic was fully overcome.

It was too soon for the German government to launch a fiscal stimulus programme, however, since the social distancing measures in place would blunt its impact.

“A stimulus programme could make sense if a recovery didn’t properly get going later on,” he said.

Reporting by Thomas Escritt

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