Europe Faces `Unprecedented' Peacetime Contraction, Lagarde Says

The video discusses the unprecedented economic impact of COVID-19, highlighting a significant contraction in economic growth and labor market conditions. It explores GDP projections, with potential declines of 5-12% depending on containment measures. Inflation trends are examined, noting a decline due to falling oil prices. The video outlines policy measures supporting liquidity and credit flow, especially for SMEs. It emphasizes the importance of joint policy actions to mitigate risks and support recovery.

How have the policy measures taken since early March supported the euro area economy?

What ongoing efforts are necessary to ensure recovery from the economic fallout of the pandemic?