European Central Bank President Christine Lagarde said the euro area economy is likely to contract as much as 12 percent in 2020 as member countries struggle to emerge from the coronavirus pandemic.
On a live webinar, Lagarde said on Wednesday, the actual economic outcome would come between the ECB's "medium" and "severe" scenarios. The mild scenario is outdated.
The governing council of the ECB meets next on June 4. The bank will update its outlook for both growth and inflation next week.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.