THE former Chair of the International Monetary Fund (IMF) and now President of the European Central Bank (ECB) Christine Lagarde has been commenting on the world financial situation and how she believes that the worst is now over.
In a speech made to the Northern Light Forum she said that there will be no quick return to pre-pandemic days especially as there is still a possibility of a second wave of infection across Europe.
Recovery will be slow and much depends on how tourism, leisure spend and the hospitality sectors cope with the new normality and whether sufficient people are able to afford to go on holiday and eat out.
She pointed out that central banks generally and the European Central Bank (ECB) in particular have been very important in trying to keep European economies on a relatively even keel and she is following the example of predecessor Mario Draghi to ensure stability.
In the meantime, one of the other senior figures in the ECB has indicated that it is important that all assistance is given to allow commercial banks to continue in business or to help facilitate takeovers if considered to the benefit of individual state economies.