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Lagarde: We're Data Dependent, But Look At Lots Of Data

ECB

Q: Given latest PMI and disruptions in Red Sea, do you still think euro area will avoid recession?

  • A: Most recent PMI numbers are little indication things are coming into place for a recovery in 2024. Recognise weakness of growth - multiple ways to decline a recession e.g. Technical recession with two quarters of negative growth. Yellen said the US wasn't in recession when it had 2 quarters of negative growth because the employment numbers were too high.

Q: On wage settlements: Understand ECB wants to see wage data that is coming from Eurostat at the end of April in response to Q1.

  • A: Are looking at all sorts of data. Are looking at wages for reasons explained and due to a catch up process. But are looking at lots of other things - would not draw any conclusion from a data publication. Are data dependent but look at lots of data. Including fiscal - when energy support is withdrawn etc.

ECB press conference has ended.

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