Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Executive Vice-President, Mr Dombrovskis. The resurgence in coronavirus (COVID-19) infections presents renewed challenges to public health and the growth prospects of the euro area and global economies. Incoming information signals that the euro area economic recovery is losing momentum more rapidly than expected, after a strong, yet partial and uneven, rebound in economic activity over the summer months. The rise in COVID-19 cases and the associated intensification of containment measures is weighing on activity, constituting a clear deterioration in the near-term outlook. In fact, while activity in the manufacturing sector has continued to recover, activity in the services sector has been slowing visibly. Although fiscal policy measures are su tweet at 9:45am: ECB President Christine Lagarde: -Inflation to remain negative until early 2021 -Market based inflation indicators unchanged at low levels -Recovery in demand to put upward pressure on prices -Ambitious and coordinated fiscal stance remains critical $EUR #Euro tweet at 9:46am: TL;DR Lagarde: Euro area risks very much to the downside ECB ready to do more Fiscal support is essential, needs to be targeted and temporary tweet at 9:49am: ECB President Lagarde says GC was in total agreement to analyse current situation, and acknowledge that risks are clearly tilted to the downside; all agreed that it was necessary to take action, recalibrate instruments at next GC meeting - GC is already prepared to take action tweet at 9:49am: Will not look at one single instrument - will touch on all instruments