IMF / 2021 Preliminary Assessment of the Euro Area Economy

ID

601212

SHOOT DATE

06 Dec 2021

SHOOT LOCATION

Brussels, Belgium

PRODUCTION COMPANY

IMF

DESCRIPTION
IMF / 2021 Preliminary Assessment of the Euro Area Economy
SHOTLIST
RECENT – Brussels, Belgium
1. Wide shot, Kristalina Georgieva, Alfred Kammer, Alistair Thomson walking into the room
2. Wide shot, Kristalina Georgieva, Alfred Kammer, Alistair Thomson getting ready
6 December 2021, WASHINGTON DC
3. SOUNDBITE (English) Kristalina Georgieva, IMF Managing Director
“The euro area economy is recovering rapidly thanks to high vaccination levels, continued forceful policy support and increased consumer and business adaptation to the pandemic. Following a sharp contraction six and a half percent in 2020, Euro Area output has re-bounced strongly and is expected to exceed its pre-crisis level in the fourth quarter of 2021”
4. Wide shot, Alistair Thomson speaking
5. SOUNDBITE (English) Kristalina Georgieva, IMF Managing Director
“Underlying inflation in the area, in the Euro Area, is projected to remain weak despite the recent price increases. Higher inflation in 2021 has been largely driven by base effects from last year's low oil prices, which were amplified by dwindling reserves of natural gas and transitory factors such as the German V.A.T. exploration. We project inflation to decline through 2022 as these factors dissipate and to remain below the ECB's two percent target in the medium term,”
6. Wide shot, journalist asking a question in person
7. SOUNDBITE (English) Kristalina Georgieva, IMF Managing Director
“EU fiscal rules should be reformed to reflect the post-pandemic reality. The application of the current fiscal rules would require unrealistically large and counter-productive adjustments by some high debt countries. Turning to monetary policy, the key challenge here is to maintain clear and effective communication in the face of extraordinary uncertainty. As underlying inflation dynamics are expected to remain weak over the medium term, the ECB should look through transitory inflation pressures and maintain an accommodative monetary policy stance, and it will need to clarify soon how this could be achieved given the upcoming expiration of the pandemic emergency purchase program and the third round of the targeted longer term refinancing operations.”
8. Wide shot, journalist asking a question via zoom
“European leadership on global issues, it remains critical. In addition to leading on climate, it is important to continue engagement with major trading partners to address underlying sources of global trade tensions and the finalization of the proposed global corporate minimum income tax and importantly, as one of the leading exporters of COVID-19 vaccines and a donor to COVAX, the EU should continue its efforts to press for vaccinating the world and to increasing global vaccine production, including diversifying it in parts of the world that have been lacking any capacity like Africa.”
9. Wide shot, Alistair Thomson speaking
USAGE RIGHTS/RESTRICTIONS
IMF content shall not be edited or modified in a manner intended to create a false or misleading version of the underlying material.

CONTACTS

  • Brian Walker
    Media Relations Officer
    United States
    +1 (202) 623-7381
    +1 (202) 286-5839