The depth of the recession in the euro zone will closely depend on the duration of the epidemic and the confinements. This is why the European Central Bank (ECB) presents several scenarios. At best, the GDP of the group of nineteen countries will contract this year by 5%, at worst by 12%.
Christine Lagarde, head of the ECB for just over six months only, is facing an "unprecedented crisis in peacetime". Thursday, for the third time since the start of the economic turmoil linked to the Covid-19 pandemic, she chaired a board of governors, by videoconference, entirely devoted to this challenge.
It was on this occasion that the patroness of the Frankfurt institution, who experienced the 2008-2009 crisis in Bercy, presented the forecasts for 2020. Figures that echo the statistics of the first quarter published also Thursday, which recorded a drop of 3.8% in activity in the first quarter for the euro zone and 5.8% in France. Numbers
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