Christine Lagarde, in an interview with Politico, said that the European economy is currently at a turning point. The central bank will only begin to discuss curtailing the emergency assistance program after it is convinced of the sustainable nature of the economic recovery process. Currently, the euro zone has an asset purchase program in the amount of 1 trillion 850 billion euros. This program will expire on March 31 next year. At the same time, Christine Lagarde admits that it can be extended. Everything will depend on the situation in the economy and the effectiveness of the fight against the pandemic. However, the results of a Reuters poll showed that most analysts have a different opinion. They believe that the Central Bank will not extend the duration of the bond purchase program. Moreover, he will start discussing the reduction of its volume at the September meeting. And such a decision can be made. Today, statistics on the dynamics of European industrial production were released. In April, it increased by 0.8% compared to March.
The statistics, which were published today by Eurostat, were better than analysts ' expectations. As it became known, the volume of industrial production in the euro zone in April increased by 0.8% compared to the March value of this indicator. In annual terms, the growth was 39.3%. At the same time, analysts assumed an increase in indicators by 0.4% and 37.4%, respectively. Eurostat also published statistics on the European Union. The volume of industrial production in the EU increased by 0.5% compared to the previous month, and by 38.7% compared to April 2020. In the reporting month, the production of goods intended for short-term use decreased. At the same time, the output of durable goods, on the contrary, increased. The fuel and energy sector showed an increase in production in April. In the euro area, it grew by 3.2%, and in the European Union - by 2.9%. The leaders in the growth rate of industrial production were Belgium, Malta and Estonia. The highest rates of decline were observed in Denmark, Hungary, and Lithuania.