00:00Output is likely to have contracted in the fourth quarter of 2020 and the intensification of the pandemic poses some
00:08downside risks to the short term economic outlook.
00:12And the strength of the euro, let me just tell you that we are monitoring very carefully exchange rates. So
00:23we are very attentive and as I said earlier on, all instruments can be adjusted and nothing is off the
00:32table.
00:32The pandemic continues to pose serious risks to public health and to the euro area and global economies. The renewed
00:41surge in COVID-19 infections and the restrictive and prolonged containment measures imposed in many euro area countries are disrupting
00:51economic activity.
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