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Warning of economic slump ahead, Lagarde urges EU to agree on stimulus plan

Now, they are divided over the size and terms of the recovery fund, which the Commission has suggested be split into two-thirds grants and one-third loans

IMF Lagarde says Belt and Road progressing but warns of debt risks CHINA-IMF IMF Managing Director, Christine Lagarde, delivers a speech at the University of Hong Kong International Monetary Fund (IMF) Managing Director, Christine Lagarde, delivers a

Officials and diplomats said the leaders would lay out their stalls on Friday but a deal would not come before July

Reuters New Delhi
The European Central Bank's chief warned EU leaders on Friday that their economies were heading for a "dramatic fall" due to the coronavirus crisis and urged them to agree quickly on a massive stimulus plan that has divided the bloc.

Christine Lagarde told a video-conference summit that the full effects of Europe's worst recession since World War Two had yet to appear in the labour market and unemployment in the 19-country euro zone could jump to 10% from 7.3% now.

Her stark message came as the European Union's 27 leaders settled in at their computer screens for a day of

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First Published: Jun 19 2020 | 7:10 PM IST

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