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Interview with Les Echos Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Guillaume Benoit, Elsa Conesa, Lucie Robequain and Sophie Rolland 16 March 2021 There has been a delay in the supply of vaccines in Europe. To what extent does that jeopardise the EU’s recovery? The recovery crucially depends on the pace of vaccinations. The vaccination campaign got off to a slow start, but it has accelerated in most Member States. Our projections for the short term show a deterioration due to the resurgence of the virus and the new containment measures imposed in several countries. But the good news is that in the last quarter of 2020, the lockdowns caused less damage than during the first wave of the pandemic. The economy seems to be adapting better to the situation. The economic recovery will be further supported by the new US stimulus package, the effects of which have not yet been included in our staff projections. We also expect additional fi

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