Europe to have nothing but problems this year: ECB President

The economy in the eurozone may shrink by up to 12 percent in 2020 and 15 percent in Q2, believes ECB President Christine Lagarde.  She added that the ECB is ready to expand the scope of the pandemic asset purchase program if needed.

"Given the high uncertainty associated with the final degree of economic downturn, growth scenarios developed by ECB staff suggest that GDP in the eurozone could drop by 5-12 percent this year, depending on the duration of the measures restricting economic life and the success of the measures taken to mitigate the economic effects on enterprises and employees,"- Lagarde added.

Lagarde also emphasized that the scale of the economic recovery after the pandemic is highly uncertain.

(Business Insider)