ECB says economy has a long, slow climb towards recovery
Christine Lagarde says the recovery from the pandemic will be ‘restrained’ and some sectors will likely be ‘hurt irremediably’
Frankfurt — European Central Bank (ECB) president Christine Lagarde has said the recovery from the coronavirus pandemic will be “restrained” and will change parts of the economy permanently.
While the worst of the crisis might be over, it’ll take time for the “phenomenal” jump in savings to trickle in to higher investment and spending, she said in a webinar on Friday. The recovery will also be “incomplete” as trade is unlikely to return to pre-crisis levels and productivity may be weaker...