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BREAKING
Al Mayadeen's correspondent: Two were martyred in an initial toll of the Israeli drone strike that targeted the al-Asira neighborhood in the city of Baalbek, eastern Lebanon
Al Mayadeen's correspondent: An Israeli drone strike targeted the al-Asira neighborhood east of Baalbek, eastern Lebanon
Sheikh Naim Qassem to the pager attack survivors: You are the greatest resistance. Know that 'Israel' will fall because it embodies aggression, crime, and occupation; victory is truly yours
Sheikh Qassem to the pager attack survivors: The value of what you are doing despite your wounds is immense, and here you are, treading the path of the Master of Nation's Martyrs and the leaders
Sheikh Qassem to the pager attack survivors: You are moving forward with insight deeper than sight itself. The enemy sought to eliminate your role in the battle, yet you remain steadfast and continue the fight
Hezbollah Secretary-General Sheikh Naim Qassem to the pager attack survivors one year later: You are healing from your wounds and rising above them. You have successfully passed the test
Palestinian media: Reports of stabbing operation in occupied al-Quds.
Israeli media: Sirens blare in Arava in South, near Ramon Airport.
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country

Prospects for Eurozone's economy have worsened: ECB

  • By Al Mayadeen English
  • Source: Agencies
  • 27 Jul 2023 19:48
2 Min Read

The ECB will be keeping an "open mind" on future interest rate decisions, fueling speculation that the ECB could decide to pause in its hiking campaign.

  • x
  • President of European Central Bank Christine Lagarde speaks during a press conference in Frankfurt, Germany, Thursday, July 27, 2023, after a meeting of the ECB's governing council. (AP)
    President of European Central Bank Christine Lagarde speaks during a press conference in Frankfurt, Germany, Thursday, July 27, 2023, after a meeting of the ECB's governing council (AP)

After the European Central Bank (ECB) decided to hike interest rates for the ninth time in an effort to counter inflation, ECB President Christine Lagarde told a press conference on Thursday that the economic outlook in the eurozone has "deteriorated."

"The near-term economic outlook for the euro area has deteriorated owing largely to weaker domestic demand (and) high inflation," she said. 

Russia's decision to withdraw from the Black Sea Grain Initiative is likely to worsen economic prospects as food prices are forecasted to increase, she added, noting that the withdrawal constitutes "upside risks to inflation."

The ECB will be keeping an "open mind" on future interest rate decisions, Lagarde said, fueling speculation that the ECB could decide to pause its hiking campaign.

"We are deliberately data dependent, we have an open mind as to what the decisions will be in September and in subsequent meetings," she said. 

Related News

Bulgaria faces protests as Euro adoption nears approval

German economy shrinks 0.3% in 2023

Read more: Eurostat: 22% of EU population were expected to face poverty in 2022

The Eurozone entering recession was no surprise to anyone. The slowdown was anticipated as soon as the first Russia sanctions came into effect with Russia gaining back control over Crimea.

Back then, the EU had enforced several sanctions targeting specific entities and individuals linked to the Russian State.

Although limited in scope, these sanctions showed clear signs that relations between the EU and Russia were treading on a fine line.

What is certain, however, is that the conditions for non-belligerence between Russia and Europe never existed on account of structural power rifts.

Russia is too big to handle and must come apart for the EU/US constellation to maintain global hegemony. 

Read more: Eurostat: 22% of EU population were expected to face poverty in 2022

  • Eurozone
  • Christine Lagarde
  • European Union

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