As eurozone records 3.8% slump ECB chief warns of worse to come
by Larry Elliott from Economics | The Guardian on (#52W47)
Christine Lagarde says there could be a 15% collapse after record first quarter output fall
The head of the European Central Bank has warned that the eurozone could be on course for a 15% collapse in output in the second quarter as evidence of the economic toll caused by Covid-19 pandemic started to emerge, with France and Italy falling into recession.
After news that the 19-nation monetary union area had contracted a record 3.8% in the first three months of 2020, Christine Lagarde said much worse was possible in the April to June period, when the impact of lockdown restrictions would be most severe.
Related: Eurozone shrinking as Covid-19 lockdowns push Italy and France into recession - business live
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