Christine Lagarde: Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools Remarks by Ms Christine Lagarde, President of the European Central Bank, at the Annual Meeting of the Council of Governors of the Arab Central Banks and Monetary Authorities, contribution during the session “Economic, financial and monetary impact of COVID-19 pandemic, and post-crisis options for policies and tools”, Frankfurt am Main, 11 September 2020.
* * * The global economy underwent a deep and synchronised contraction in the second quarter of this year that was unprecedented in both speed and extent – far exceeding the declines witnessed during the global financial crisis. The ECB’s September projections for global growth excluding the euro area are for -3.7% in 2020, 6.2% in 2021 and 3.8% in 2022.