2/25, 4:35 PM (Source: TeleTrader)
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De Guindos: Growth to lag in first half of 2021

Vice President of the European Central Bank (ECB) Luis de Guindos (pictured) unveiled on Thursday that the euro area's economic recovery from the crisis caused by the coronavirus pandemic is likely to be slower in the first half of 2021 than what was previously forecasted.

Speaking at an online event organized by IESE Business School, he praised ECB's efforts in maintaining "favorable financing conditions," and warned against "withdrawing the support prematurely," describing the ECB's fiscal policy as "the first line of defense" amid the crisis.

De Guindos expressed a similar sentiment earlier in February when he stated that, even though the economic growth is likely to miss estimates during the first half of the year, the second half is expected to bring a "significant" rebound.

Breaking the News / BU