ECB prepares for big recession – Lagarde

US, WASHINGTON (ORDO NEWS) — The European Central Bank is gearing up for a “big reduction” in the eurozone economy and, at least initially, to lower inflation, ECB head Christine Lagarde told the International Monetary and Financial Committee on Thursday.

“In the eurozone, the incoming economic data, in particular, the results of recent studies, began to show an unprecedented decline, indicating a large decline in GDP in the eurozone, as well as a rapid deterioration of the situation on labor markets,” Lagarde said.

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