Lagarde speech: Long way to go before pandemic-caused damage is offset

Christine Lagarde, President of the Europen Central Bank (ECB), is delivering her remarks on the monetary policy outlook in a press conference following the ECB's decision to leave the policy settings unchanged in July.

Key takeaways

"We expect manufacturing to be strong."

"Delta variant could dampen the recovery in the service sector."

"The outlook for inflation over medium-term remains subdued."

"The economy is on track for strong growth in the third quarter."

"Reopening of the economy is supporting the bounceback in the service sector."

"Long way to go before pandemic-caused damage is offset."

About ECB President Lagarde

The European Central Bank's President Christine Lagarde, born in 1956 in France, has formerly served as Managing Director of the International Monetary Fund, and minister of finance in France. She began her eight-year term at the helm of the ECB in November 2019. As part of her job in the Governing Council, Lagarde holds press conferences in detailing how the ECB observes the current and future state of the European economy. Her comments may positively or negatively the euro's trend in the short-term. Usually, a hawkish outlook boosts the euro (bullish), while a dovish one weighs on the common currency (bearish).