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Lagarde: Several Factors Point To Slow Growth Ahead

ECB

ECB President Lagarde begins the press conference with opening statement:

  • Several factors point to slow growth ahead. The Ukrainian War is weighing on confidence for households and firms. With energy and commodity prices rising sharply, households are facing a higher cost of living and firms are confronted with higher production costs.
  • The War has created new bottlenecks while a new set of pandemic measures is contributing to supply chain difficulties.
  • However, there are supportive factors such as compensatory fiscal measures and the possibility for households to draw down household savings.
  • The reopening of sectors most affected by the pandemic, coupled with a strong labour market, will support incomes and spending.
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