Sources reported that the president of the European Central Bank Christine Lagarde informed the leaders of the European Union Friday that the European economy is experiencing a “decline” can be enormous, and called on the Union to lead the recovery.
And Lagarde and her speech on the meeting of the leaders of the European Union via teleconference for discussion on how to design the recovery from the crisis.
Said meeting, according to sources, the “economy of the European Union is witnessing a huge decline”.
She added that the euro zone economy is heading towards a “sharp decline” by about 13 percent in the third quarter, and reiterated the bank’s expectations of a decline in GDP of 8.7 percent in 2020, the occurrence of rebound by 5.2 percent in 2021.
She said that the full effects of the worst economic downturn the European Union did not appear fully in the labour market, the unemployment rate in the euro zone may reach ten percent.
According to sources, Lagarde called for the judge to agree on a plan to recover fast and lead the economic recovery, the financial markets are relatively calm because of expectations that the adjustment will move to show that “the European Union is usually” work.