ECB’s Lagarde sees summer recovery, tricky post-pandemic phase

European Central Bank president Christine Lagarde warned: "We must not repeat the mistakes of the past by cutting off fiscal and monetary stimulus at once. Instead, authorities must offer flexible support that is reduced gradually."

EUROPEAN Central Bank President Christine Lagarde predicted the euro-area recovery will pick up in the summer, while stressing that public authorities will have a difficult job weaning the economy off of emergency support.

In an interview with French newspaper Le Journal du Dimanche, Lagarde expressed confidence in the region’s ability to emerge from the coronavirus crisis stronger, with a more digital and greener future. She also urged governments to speed up work on their spending plans, so the European Commission can start issuing joint debt.