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Christine Lagarde, President of the European Central Bank, has warned that Europe risks a 2008-like economic crisis, calling for urgent action from policymakers. 

Her stark words come after a teleconference between EU leaders on Tuesday which ended in announcing a €25 billion fund to mitigate the economic fallout. ahead of the ECB’s rate decision on Thursday. Economists expect a 10 basis point cut to the bank’s deposit rate. 

EUR/USD trades around 1.1330, advancing as the dollar weakens alongside falling US bond yields. 

— more to come

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