Lagarde speech: Recovery is losing momentum more rapidly than expected

Following the European Central Bank's (ECB) decision to leave its key rates and the €1,350 billion Pandemic Emergency Purchase Programme (PEPP) unchanged, Christine Lagarde, President of the ECB, is delivering her remarks on the monetary policy outlook in a press conference.

Key takeaways

"Infections present renewed challenges to growth."

"Incoming data shows recovery losing momentum."

"Incoming data signals that recovery is losing momentum more rapidly than expected."

"Containment measures weigh on activity."

"Clear deterioration in near term outlook."

"Activity in services has been slowing visibly."

"Uncertainty about outlook weighs on investment."

"Inflation dampened by low energy prices."

About ECB President Lagarde

The European Central Bank's President Christine Lagarde, born in 1956 in France, has formerly served as Managing Director of the International Monetary Fund, and minister of finance in France. She began her eight-year term at the helm of the ECB in November 2019. As part of her job in the Governing Council, Lagarde holds press conferences in detailing how the ECB observes the current and future state of the European economy. Her comments may positively or negatively the euro's trend in the short-term. Usually, a hawkish outlook boosts the euro (bullish), while a dovish one weighs on the common currency (bearish).