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Lagarde On Economic Activity

ECB
  • Growth slowed to 0.3% in Q3; high inflation and tighter fin conditions are dampening spending and production by reducing real household incomes and pushing up costs for firms. The world economy is also slowing, including Russia-Ukraine and tighter fin conditions.
  • Cites higher import vs export prices dampening purchasing power. Unemp hit a new low in October; rising wages are set to restore some lost purchasing power, supporting consumption. But job creation likely to slow, and unemp could rise over coming quarters.
  • Fiscal measures on energy should be temporary, targeted and tailored. Those that fall short of these criteria could necessitate a stronger mon pol response. Moreover, fiscal policies should be oriented toward making our economy more productive and bringing down debt. Gov'ts should swiftly implement structural reforms under NextGen EU programme.
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