ECB’s Lagarde: EU Economy has Probably Bottomed out 

<p>EU probably went through the hardest phase of economic downturn caused by the pandemic, said European Central Bank head Christine Lagarde on Friday, while urging authorities to prepare for a possible second wave.</p>
<p>“We’ve probably bottomed out, and I’m talking about this with some concern, because, of course, a serious second wave can begin,” Lagarde said at the online conference.</p>
<p>According to the ECB’s baseline scenario, the bloc’s economy could shrink by 8.7% in 2020 after more than two months of lockdown in spring which helped the country to curb the outbreak.<br />
Lagarde said last week that decline in EU GDP in the second quarter can reach 13%.</p>
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