Financial conditions have eased significantly, equity markets have surged

The European Central Bank and its president, Christine Lagarde, face another crucial test this week as they hold off on any new monetary stimulus, but try not to destroy a belief that more firepower is available.

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The Frankfurt institution will likely stay put after last month’s extension and enlargement of its PEPP (Pandemic Emergency Purchase Program), which climbed by 600 billion euros ($686 billion) to 1.35 trillion euros. “As (the) lender of last resort, the ECB has stabilised markets and prevented a major financial crisis which would have exacerbated the recession,” said Florian Hense, an ECB watcher at Berenberg Bank in a recent research note. “Financial conditions have eased significantly, equity markets have surged.”