Eurozone ‘soft landing’ still not guaranteed, warns Lagarde

ECB president says costs of disinflation are contained better than in the past

Christine Lagarde

A “soft landing” in the eurozone is still not guaranteed, Christine Lagarde, president of the European Central Bank (ECB), said on July 1.

Speaking at the ECB Forum on Central Banking in Sintra, Portugal, Lagarde said the magnitude of the shock to inflation in the eurozone was significant. Only 15% of inflation episodes following major energy price shocks achieved a soft landing, she said, defined as avoiding a recession or a major decline in employment.

Even though the ECB’s policy has helped

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