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Philip Lane, chief economist and executive board member at the European Central Bank, attends a meeting in Paris on Nov. 18, 2019.

Gonzalo Fuentes/Reuters

The European Central Bank still needs to underpin “fragile” financial markets despite a substantial rebound since March, the ECB’s chief economist Philip Lane said on Friday, a day after the bank beefed up its Pandemic Emergency Purchase Programme.

“While conditions in financial markets have stabilised substantially since the PEPP announcement, the situation remains fragile,” Lane said in a blog post. “This fragility underlines the continued need for the central bank to be flexible and exercise a market stabilisation function to the extent necessary.”

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