ECB head says EU gross domestic product could drop 15% due to coronavirus

US, WASHINGTON (ORDO NEWS) — President of the European Central Bank (ECB) Christine Lagarde during a video conference of EU leaders said that the decline in the eurozone economy as a result of the coronavirus pandemic could be up to 15%. This was reported on Thursday by Bloomberg, citing sources.

According to their information, a 15% drop in GDP reflects the most pessimistic scenario. Lagarde said that her forecast is based on an estimate of 9% reduction in production this year.

In a video message circulated after the start of the conference, Eurogroup chairman Mariu Centenu urged EU heads of state and government to approve as soon as possible an emergency plan to restart the European Union economy after the € 540 billion pandemic so that it could start operating on June 1. He also emphasized the need for a much broader long-term recovery plan for the European economy. Centenu did not give any figures, but earlier various sources said that the EU summit would consider a program of economic assistance in the amount of € 1.6-2 trillion.

At the same time, there are disagreements between the EU countries on the question of how to attract these funds.

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