FRANKFURT (Reuters) – European Central Bank chief Christine Lagarde told policymakers from around the world on Thursday that the bank was preparing for a “major contraction” of the euro-zone economy.
“In the euro zone, the upcoming economic data, particularly the results of the latest surveys, have begun to reveal unprecedented declines, indicating a significant contraction in euro zone production, as well as a rapid deterioration of labor markets,” Lagarde told the International Financial and Monetary Affairs Committee