The head of the European Central Bank (ECB) Christine Lagarde says that the near-term economic prospects of Europe are significantly deteriorating due to weakening domestic demand and high inflation. This is reported by RIA Novosti.
Christine Lagarde says that Europe’s economic prospects have deteriorated significantly due to weakening domestic demand and high inflation. The politician emphasised that the European economy will remain weak in the short term.
“The near-term economic outlook for the euro area has deteriorated, mainly due to weaker domestic demand, high inflation, tighter financing conditions and spending cuts,” she said.
At the same time, the European Central Bank head noted that over time, rising incomes, lower inflation and improved supply conditions will contribute to the recovery of the European economy. The expert also specified that bad weather conditions and the withdrawal of the Russian Federation from the grain deal could lead to a further increase in inflation.
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