The ECB is now buying assets at a record pace. But it is still struggling to keep a lid on bond yields, so there is a good chance that it has to step up its purchases even further. Meanwhile, new virus cases in the euro-zone seem to be on a downward trend, and a few governments have begun easing their containment measures. But this process is likely to be very gradual, so we expect output to remain well below normal levels over the rest of this year.
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