Economics and Policy ECB Outlook

Q&A with Former ECB Vice-President Vítor Constâncio

03 Jul 2020

Some European banks might need public support including via ESM programs next year as the current deep recession will take its toll, says Vítor Constâncio, former ECB Vice-President from 2010 to 2018 and Governor of the Banco do Portugal from 2000 to 2010, and thus a member of the ECB Governing Council for 18 years. Professor Constâncio also argues that further negative rates should be avoided, but that asset purchases under regular QE programs will have to be stepped up once the pandemic emergency purchases end. He is currently President of the School Board at the Lisbon School of Economics and Management and a Professor of Banking and Financial Regulation at the University of Navarra in Madrid.

Vítor Constâncio spoke from Lisbon to Beat Siegenthaler of the UBS Knowledge Network on July 3 2020.

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The views expressed in this interview are those of the interviewee and do not necessarily reflect those of UBS.