The euro space is going through an “unprecedented” financial decline, the worst since data started. European Central Financial institution (ECB) President Christine Lagarde paints an image of a central financial institution in full-on emergency mode after the financial institution saved its rates of interest unchanged.
Unprecedented Financial Contraction in Eurozone
New information launched on Thursday reveals that the 19-member area’s financial system contracted considerably to the bottom studying since data started in 1995. Maintaining rates of interest unchanged, European Central Financial institution (ECB) President Christine Lagarde instructed the press:
The euro space is going through an financial contraction of a magnitude and pace which can be unprecedented in peacetime.
Lagarde continued, “Measures to comprise the unfold of the coronavirus, covid-19, have largely halted financial exercise in all of the international locations of the euro space and…