The euro zone economy is growing along the lines the European Central Bank projected in June, so policymakers have time to wait for more hard data, Governing Council member Peter Kazimir said on Wednesday.
The euro zone economy appeared initially to rebound quicker than expected from its pandemic-induced recession but more recent data, including a weak PMI reading suggested the recovery is flattening and the bloc could fall short of forecasts in the third quarter.
The ECB projected quarterly GDP growth of 8.3% in the third quarter and it is due to update this figure at its Sept. 10 policy meeting.
Unleashing unprecedented firepower to fight the recession, the ECB is buying record amounts of debt to keep borrowing costs down, including through a 1.35 trillion euro Pandemic Emergency Purchase Programme (PEPP).
While the ECB said this entire amount is likely to be spent on bond buys, some have argued that there was no obligation to use all the money.
Reference: CNBC
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