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10/8/2021, 2:26 PM (Source: TeleTrader)
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Lagarde: Pandemic accelerated green, digital transition

European Central Bank President Christine Lagarde said on Friday that the COVID-19 pandemic accelerated the "desirable" and "essential" transition to a green and a digital economy.

Speaking virtually at the B20 summit, Lagarde noted that the economic recovery from the coronavirus shock has been "atypical" and quicker than initially expected. However, she warned that the "unusual" recovery speed has also created "frictions" that could hold back growth such as the imbalance between a sharp recovery in demand and constrained supply due to lingering effects of the pandemic, giving the example of surging energy prices.

Although she insisted the imbalance will be "temporary," the ECB chief acknowledged it is still uncertain exactly how long it will last.

Baha Breaking News (BBN) / NP