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10/29, 3:03 PM (Source: TeleTrader)
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Lagarde: Q3 GDP might surprise on upside

European Central Bank (ECB) President Christine Lagarde (pictured) claimed that the Eurozone's economic growth in the third quarter "might surprise on the upside," while she expects the GDP to "be on the downside" in the fourth trimester.

"We expect the November number to be negative. Most likely the fourth quarter number will be to the downside but we don't know whether it will be negative," she noted at a press conference following the central bank's interest rate decision, adding the fourth quarter's growth largely depends on the coronavirus pandemic and the efficacy of containment measures.

When it comes to recalibrating the ECB's monetary policy, Lagarde said the bank "will be looking at all our instruments" and using "all of its flexibility" to back the euro area's rebound from the crisis, including expanding the Pandemic Emergency Purchase Programme (PEPP).

Breaking the News / GA