Bank of France head Villeroy defends ECB's measures

European Central Bank policymaker Francois Villeroy de Galhau on Friday defended the latest measures undertaken by the ECB to prop up the eurozone economy, even as the ECB faced criticism from national leaders and investors for not doing enough. "Our package is coherent as regards the economic analysis and is a powerful help for companies," Villeroy, who is also head of the Bank of France, told Radio Classique.

On Thursday, the ECB rolled out a new stimulus package to help fight off the coronavirus fallout but stopped short of cutting interest rates, putting the onus firmly on governments and sending markets into a tailspin. Unlike the U.S. Federal Reserve and the Bank of England, the ECB held back on cutting rates and sources close to the discussion said a cut was not proposed on Thursday, even though markets had fully priced in a move.

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