ECB's Lagarde: Focused, targeted support needed in struggling sectors

Christine Lagarde, President of the Europen Central Bank (ECB), told the head of the World Economic Forum, Klaus Schwab, that the eurozone is emerging from the coronavirus pandemic with economies stabilizing, as reported by Reuters.

"We really fought hard and responded well, and have come out now with a situation which still needs a lot of attention," Lagarde added. "But it seems to me now that policymakers have to be almost surgical — it's no longer a question of massive support, it's going to be a question of focused, targeted support in those sectors that have been badly hurt."

Market reaction

The EUR/USD pair showed no immediate reaction to these remarks and was last seen gaining 0.25% on the day at 1.1835.