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Financial News: ECB's Lagarde Says Eurozone Showing Tentative Signs Of

ECB's Lagarde Says Eurozone Showing Tentative Signs Of Stabilization

02/06/2020 - 09:30:00 (RTTNews)

(RTTNews) - European Central Bank President Christine Lagarde said on Thursday that there are tentative signs of stabilization in the euro area economy, while the novel coronavirus outbreak in China is a source of concern.

"While uncertainties surrounding the global economic environment remain elevated, those related to trade tensions between the United States and China are receding," Lagarde said in a hearing at the European Parliament's Economic and Monetary Affairs Committee. "Other risks, however, are still lingering or - as for the uncertainty surrounding the impact of the coronavirus - are a renewed source of concern." Eurozone economy continues to grow, though at modest momentum, and remains relatively resilient, the ECB chief said.

The economy is being largely supported by domestically-oriented factors such as private consumption, employment, services and construction, she said. Meanwhile, global factors weigh on the euro area growth, Lagarde added.

The moderate growth is delaying the pass-through from wage increases to prices and hence, inflation remains subdued, she noted. "The euro area economy therefore continues to require support from our monetary policy, which provides a shield from global headwinds," Lagarde said. Regarding the ECB strategy review, Lagarde said it has just started and it will be a thorough and intense process. "Over the next 11 months, the dialogue between our institutions will be frequent and deep."

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