European Central Bank officials say economy remains weak
PTI | Frankfurt | Updated: 16-01-2020 23:08 IST | Created: 16-01-2020 23:08 IST
Frankfurt, Jan 16 (AP) Top officials at the European Central Bank say economic growth remains weak though they see a few upbeat signs after the US and China moved toward lowering trade tensions. Recent data point to “a stabilization in euro area growth,” according to an account of the December 12 policy meeting released on Thursday.
It was the first policy meeting under new ECB head Christine Lagarde, who succeeded Mario Draghi on November 1. But members of the 25-person governing council still see “continued weak euro area growth dynamics.”
The big concerns remain developments outside the 19 countries that use the euro. The eurozone depends heavily on trade and manufacturers in the region have been hard hit by uncertainty over the outcome of U.S.-China trade negotiations. The possibility of new tariffs, or import taxes, has cast a shadow over investment plans and the fate of the intertwined supply chains in the global economy.
The US and China signed a deal resolving some issues on Wednesday but global tensions over trade remain largely unresolved. The ECB foresees modest growth of 1.1 per cent for the eurozone this year. Service companies and construction activities have helped support growth while manufacturing of goods such as autos and industrial machinery remains in a recession. (AP) ZH
ZH
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- AP
- European Central Bank
- Christine Lagarde
- China
- Frankfurt
- Mario Draghi
ALSO READ
N.Korea's Kim vows to boost military capabilities at rare party congress
U.S. lawmaker draws up impeachment papers on Trump after mobs storm Capitol
Kamala Harris demands an end to assault on US Capitol
Trump supporters who stormed U.S. Capitol should not be allowed to fly, airline union says
Trump supporters storm Capitol, clash with police; Biden says 'unprecedented assault' on democracy