European Central Bank (ECB) President Christine Lagarde says the bottom line in the economic crisis caused by the new type of coronavirus (Kovid-19) outbreak is probably over in the Eurozone.
Lagarde spoke at the North Star Summit, organised in digital by the convention of European business leaders.
“This recovery will be incomplete and maybe transformational,” Lagarde said, noting that the recovery in the economy will be a “complicated ” issue.” said.
Lagarde said the bottom line in the economic crisis caused by the Kovid-19 outbreak was probably passed in the Eurozone, stressing that he was cautious because of the possibility of a second wave in the outbreak.
Pointing out that global trade will be significantly reduced, Lagarde called for extreme care to be taken on people who are left vulnerable in the economic crisis.
Christine Lagarde described the economic crisis caused by Kovid-19 as worse than the financial crisis of 2008-2009, noting that it would take time for their savings to translate into investments and spending.
Noting that central banks have responded “enormously” to the economic crisis, Lagarde reiterated that they have no hesitation in using all of the AMB’s instruments for a proportionate response to the crisis.
Lagarde, the head of the AMB, added that he thought European Union (EU) leaders would not reach a final agreement on the EU-created bailout fund to ease the crisis caused by the coronavirus on July 17.
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