Christine Lagarde, President of the European Central Bank, warned EU leaders discussing coronavirus response on Thursday that there was a risk of “doing too little too late,” Reuters reported, citing an EU official.
Lagarde further reiterated that a strong and flexible EU recovery was needed fast and noted that the euro area GDP could contract by up to 15% in 2020 in a severe scenario and 9% in a middle scenario.
Market reaction
European stocks continue to push higher. As of writing, the Euro Stoxx 50 Index and Germany’s DAX 30 Index were both up 1.5% on the day while the UK’s FTSE was gaining 1%.
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