Lagarde: Baseline Outlook Is For Economic Recovery

ECB President Lagarde begins the post-meeting press conference with her usual reading of the monetary policy statement, and continues to describe the ECB's core outlook on the Eurozone economy:

• Under the baseline the economy looks set to recover in the coming quarter.
• Industrial production should pick up as supply conditions improve, confidence recovers and firms work off large order backlogs.
• Rising wages and falling energy prices will partly offset the loss of purchasing power many households have experienced. This will support consumer spending.
• The labour market remains strong despite the weakening of economic activity.
• As energy prices fall and risks around supply recede, it is important to promptly roll back fiscal support measures.