‘Lowest point’ of economic crisis probably passed, says European Central Bank President
Share article:
Share article:

‘Lowest point’ of economic crisis probably passed, says European Central Bank President

ECB President Christine Lagarde. Credit: Belga

The worst of the economic crisis caused by the coronavirus pandemic is probably behind us, according to European Central Bank president Christine Lagarde.

“We probably have passed the lowest point,” she said on Friday, speaking at the online Northern Light Summit. 

“I say that with some trepidation because of course there could be a second wave,” she cautioned.

Related Articles

 

The world might not go back to the status quo, according to Lagarde. Recovery “is going to be incomplete and might be transformational,” she said, with hard-hit industries emerging “in a different shape” than before.

“It is likely that trade will be significantly reduced. We need to be extremely attentive to those that are most vulnerable,” she added.

EU leaders will meet in Brussels on 17 and 18 July to try to reach an agreement on the European economic recovery plan, including the creation of a €750 billion recovery fund financed by massive borrowing.

However, Lagarde warned that she didn’t think they would reach an agreement already in July, predicting intense negotiations to come.

Jason Spinks
The Brussels Times

Latest news

Will Brussels bounce back?
The lockdowns have tested the city and forced it to confront key questions about its future. Derek Blyth looks back at an extraordinary moment in our ...
Vaccinations: Belgium’s Health Minister currently not in favour of a general booster shot
The latest figures on new coronavirus cases are worrying, but rather than imposing new safety measures, what is needed is full compliance with ...
Thousands protest against the Covid health pass in France
Demonstrations against the health pass and other measures aimed at preventing the spread of the Coronavirus mobilised tens of thousands of protesters ...
Record-breaking 770-metre highline installed in Freÿr, Beglium
A 770-metre long highline was installed at an altitude of 70 metres at the Freÿr Rocks on Saturday, setting a new Belgian record, according to ...
Huge cannabis farm discovered inside closed down Chinese restaurant near Charleroi
A cannabis plantation with several hundred mature plants was dismantled on Friday evening in a former Chinese restaurant on Chaussée de Bruxelles ...
Citizen founded wind turbine project launched in Liège region
A citizen founded wind turbine project was inaugurated in the Liège Region on Saturday by Walloon Energy Minister Philippe Henry (Ecolo) together ...
Five questions to philosopher Philippe Van Parijs on Leopold II and embarrassment in Brussels’ public space
The worldwide explosion of the Black Lives Matter movement in the aftermath of the death of George Floyd, combined with the 60th anniversary of the ...
Belgium to invest in sustainable heating in 2022
The federal government will set aside about one million euros in its 2022 budget for a social tariff for sustainable heating, Federal Energy Minister ...
Anti-vaxxers demonstrate against Covid Safe Ticket in Brussels
Hundreds of supporters of the anti-vaxx movement gathered on Saturday outside the headquarters of the Pfizer pharmaceutical company to protest ...
Belgium’s investment funds total 260 billion euros in assets
Belgium’s funds industry grew by 5.3% (13 billion euros) in the second quarter of this year, bringing investment funds available to the public to ...
Brussels to Luxembourg by train in two hours soon possible
The fastest train ride between Brussels and Luxembourg currently takes almost three hours, but that could be slashed to about two hours thanks to the ...
Daily Covid infections up by almost 30% in Belgium
Between 6 and 12 October, an average of 2,438 people were infected with the Covid-19 virus every day, according to figures from the Sciensano public ...