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11/27/2023, 3:22 PM (Source: TeleTrader)
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Lagarde: Euro area activity to remain weak until year-end

European Central Bank President Christine Lagarde remarked on Monday that the economic activity across the euro area is expected to remain subdued until the end of the year, with both manufacturing and services sectors weakening further.

"The medium-term outlook for inflation remains surrounded by considerable uncertainty," Lagarde noted, stressing that although a moderate weakening of inflationary pressures is expected, headline inflation may rise again "slightly" in the months ahead. "This is not the time to start declaring victory," the ECB chief stated, reaffirming the central bank's steadfast commitment to bringing inflation back to its 2% target.

Speaking before the Committee on Economic and Monetary Affairs of the European Parliament, Lagarde also pointed out that while the region's labor market displayed overall resilience, it has begun to show signs of softening.

Baha Breaking News (BBN) / AB