ECB President Lagarde Predicts Weak Growth

Forex - European Central Bank (ECB) President Christine Lagarde stated that the economic growth of the Euro area may be weaker in the coming months, but the recovery should accelerate further. Speaking at the European Parliament's Committee on Economic and Monetary Affairs in Brussels, Lagarde said, "Survey-based data indicate that growth is likely to be weaker in the short term due to the slowdown in the services sector and the continued contraction in the manufacturing sector." Lagarde added, "In the future, the economic recovery of the Euro area should begin to gain some momentum. As real incomes rise, an increase in consumer spending and a recovery in investments are expected."