European Central Bank President Christine Lagarde expects business activity to \u0027slow substantially\u0027 in the coming months. Read more.
ECB President Christine Lagarde hedged her remarks to the European Parliament regarding whether the eurozone would sink into recession, saying the bank’s baseline scenario was subdued economic growth. But she appeared to qualify that by saying some assumptions in that outlook — such as the remaining supply of Russian natural gas — have been “overridden by events.”Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
Meanwhile, the strong summer rebound in tourism-dependent countries was fading, while weakening global demand would mean less support for the European economy, which is heavily focused on trade. Higher interest rates from central banks in major economies also would dampen demand from outside Europe. The ECB raised interest rates by three-quarters of a percentage point at its last meeting Sept. 8, the biggest rate hike in its history, and says it will be raising rates at its next several meetings.
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