Coronavirus may push up euro zone borrowing by 1.5 trillion euros - ECB
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SATURDAY, AUGUST 13, 2022
Coronavirus may push up euro zone borrowing by 1.5 trillion euros - ECB

Global Economy

Reuters
08 May, 2020, 06:45 pm
Last modified: 08 May, 2020, 06:47 pm

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Coronavirus may push up euro zone borrowing by 1.5 trillion euros - ECB

"The ECB estimates that – in our medium scenario of a drop in GDP of around 8 percent"

Reuters
08 May, 2020, 06:45 pm
Last modified: 08 May, 2020, 06:47 pm
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde gestures as she addresses a news conference on the outcome of the meeting of the Governing Council, in Frankfurt, Germany, March 12, 2020. REUTERS/Kai Pfaffenbach/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde gestures as she addresses a news conference on the outcome of the meeting of the Governing Council, in Frankfurt, Germany, March 12, 2020. REUTERS/Kai Pfaffenbach/File Photo

Euro zone governments may need to borrow an additional 1.5 trillion euros(1.31 trillion pounds) this year to keep their economies afloat amid the coronavirus pandemic, European Central Bank President Christine Lagarde said on Friday.

"The ECB estimates that – in our medium scenario of a drop in GDP of around 8 percent – the additional government financing needs in the euro area this year resulting from the recession and the required fiscal measures may exceed 10 percent of euro area GDP," Lagarde said.

This would put the additional debt issuance due to the pandemic in the range of 1 trillion to 1.5 trillion euros in 2020 alone.

Coronavirus chronicle

Euro Zone Economy

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