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Lagarde moves to the Q&A portion of the press...>

ECB
ECB: Lagarde moves to the Q&A portion of the press conference, EUR maintaining
gains and Bunds still a little lower vs pre-press conference.
- Q: Trade: What are the prospects for a trade war with the US and is that more
likely since the start of the year?
- A: Trade is an important element, particularly in assessing downside risk. One
critical development is completion of US-China Phase 1 which has a variety of
consequences - reduced uncertainty and for international trade as well as
indirect consequences for other countries in order to deliver on Phase 1. What
will be the net impact on Euro Area? Looking into that now.
- Took comfort from Trump-von der Leyen meeting. Hopefully positive developments
in February visit.

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