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Lagarde: Econ Activity To Continue Moderating Into 2022

ECB

Lagarde discusses the ECB's view of the economic landscape:

  • We expect the recovery to be continue driven by robust domestic demand. The labour market is recovering with fewer people in job retention schemes. The savings built up during the pandemic will support consumption. The current fiscal and monetary policy support with a continued global recovery should support growth.
  • Economic activity has been moderating over the final quarter of this year and this is likely to follow through to the early part of this year.
  • The pandemic is weighing on consumer and business confidence. Rising energy costs are a headwind for consumption.
  • Shortages of equipment, materials and labour in some sectors is causing delays in construction and delaying the recovery in some parts of the service sector. These supply bottlenecks will be with us for some time but will ease in 2022.
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